Pittsburgh, Pa.-based financial adviser Martin Blazer III, founder of Blazer Capital Management, agreed to settle fraud charges brought by the SEC. The SEC’s complaint, filed in federal court in Manhattan, alleges that Blazer targeted professional athletes and other high-net worth individuals as clients, took approximately $2.35 million from five clients without their authorization to invest in two movie projects in which he had a personal financial interest, and then took money from one client’s account when another found out about the unauthorized investment and threatened to sue if the money was not returned. When SEC examiners uncovered the unauthorized withdrawals, Blazer lied and produced false deal documents he created in an attempt to hide his misconduct. A determination of disgorgement and financial penalties will be determined by the court at a later date. SEC
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