The Securities and Exchange Commission is asking a court for an emergency order to freeze the assets of an Atlanta-based investment advisory firm and its principal, a private fund manager alleged to have engaged in a Ponzi-like scheme that cost investors some $17 million, according to a statement issued by the SEC.
The agency is targeting Summit Wealth Management, a registered investment advisor, and Angelo Alleca, who is charged with defrauding investors in what the SEC describes as a scheme that sought to conceal losses from trades that went bad through the creation of new private funds that were used to repay the original investors.
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