A federal court in Massachusetts entered final judgments against two relief defendants in a case involving their mother’s business partner, an investment adviser who transferred customer money to them and others instead of investing it.
The court ordered that Brad and Brian Herman — who, as relief defendants, were not accused of wrongdoing, but who received property originally obtained illegally — pay a total of $167,572 and $320,269, respectively, in disgorgement and prejudgment interest.
Their mother, Rosalind Herman, co-owned Insight Onsite Strategic Management, a Wilmington, Mass.-based advisory firm, with Gregg Caplitz, who diverted customer funds to them that were intended for investment. As a result of litigation initiated by the Securities and Exchange Commission in 2013, Caplitz has been barred from the securities industry, pled guilty to criminal charges and was sentenced to 3 1/2 years in jail.
This past February, the SEC voluntarily dismissed its claims against Insight Onsite, which is defunct and whose registration as an investment adviser was cancelled in January 2016.
It also voluntarily dismissed its claims against Rosalind Herman, who was sentenced in a parallel criminal case to seven years in federal prison and ordered to pay $1,819,391 in restitution.
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