The Securities and Exchange Commission has charged a San Francisco-area investment advisor with fraud for allegedly lying to clients about how brokerage commission rebates were being used and then providing phony documents to cover up the so-called “soft-dollars” scam during an SEC examination.
In its complaint, the SEC claims Kurt Hovan, the principal at Hovan Capital Management in upscale Belvedere, Calif., misappropriated more than $178,000 in soft dollars that he falsely said were being used to pay for legitimate investment research on his clients’ behalf.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access