The Securities and Exchange Commission has filed civil and criminal charges against a Pennsylvania man accused of defrauding elderly investors by issuing phony account statements inflating the value of his clients' accounts, and then pilfering funds from another client in a repayment scheme.
The agency's complaint alleges David L. Rothman, a minority owner of the registered broker-dealer Rothman Securities, defrauded a pair of clients described as "elderly and unsophisticated investors" from 2006 to 2011 with phony account statements that "materially overstated" the value of their holdings.
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