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SEC charges former advisors with stealing $5 million from clients

SEC stealing

The identical twin brothers overbilled for advisory fees and used their clients' credit cards and bank accounts to finance luxury hotels, jewelry and apparel.

The SEC has charged two former investment advisors with misappropriating more than $5 million from 60 clients over the course of four years.

In a complaint filed Friday in a Brooklyn federal court, the Securities and Exchange Commission alleged that Adam S. Kaplan and Daniel E. Kaplan fraudulentl

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