The Securities and Exchange Commission has charged New York-based Battery Private, an investment firm, and its founder Jeffrey Slothower with misappropriating more than $1 million from a client and prospective client and defrauding investors in two separate schemes, as well as submitting false information on SEC filings.
The SEC's complaint alleges that in Slothower’s first alleged scheme, he misappropriated more than $1 million from an advisory client and her spouse, a prospective client. In the second, he allegedly made material misrepresentations in connection with private sales of a penny stock owned by Battery Private.
The SEC’s complaint further alleges that Slothower exaggerated the size of Battery Private's regulatory assets under management in SEC filings.
The complaint seeks disgorgement of ill-gotten gains with prejudgment interest, civil penalties and permanent injunctive relief, among other remedies.
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