The Securities and Exchange Commission filed securities fraud charges against an Austin, Texas investment advisor and two of his businesses alleging he conducted a “multi-million dollar scam” that used former professional football players to promote its offerings.

The SEC alleged in a filing Tuesday that Kurt B. Barton and Triton Financial LLC raised more than $8.4 million from approximately 90 investors by selling “investor units” in an affiliate, Triton Insurance, and telling investors that their money would be used to purchase an insurance company.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.