The Securities and Exchange Commission has entered a final judgment against former Connecticut investment adviser Lester Burroughs who, in a parallel criminal case, was found guilty of wire fraud and sentenced to 33 months in prison.
In the criminal case, Burroughs was ordered to pay restitution of $575,000 to his victims. The judgment against Burroughs in the civil case ordered him to pay disgorgement of $560,000, which was deemed satisfied by the criminal restitution order.
In its civil case, the SEC alleged that Burroughs engaged in a scheme to defraud retail investors by selling fictitious financial products and misappropriating the proceeds to pay other advisory clients, as well as for his own use.
Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.
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Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.
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