The Securities and Exchange Commission said it has started enforcement proceedings against a St. Louis-based registered investment advisor and a broker-dealer for artificially inflating the prices of thinly executed stocks to report inflated performance to clients.
The SEC charged David Koch, president of Koch Asset Management (KAM) with violating the Investment Company Act of 1940 and the Investment advisors Act of 1940 by implementing a “mark-the-close scam” with Huntleigh Securities Corp, a St Louis-based brokerage firm. An administrative court judge has yet to hear the case against Koch and KAM.
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