Adviser gets eight years in jail for stealing from clients

Matthew Weitzman, a former principal of AFW Asset Management Inc., was sentenced to 97 months in prison after he pleaded guilty last year to stealing from the firm's clients.
OCT 20, 2009
Matthew Weitzman, a former principal of AFW Asset Management Inc., was sentenced to 97 months in prison after he pleaded guilty last year to stealing from the firm's clients. Weitzman, 44, also was ordered to pay $7.1 million in forfeiture at his sentencing hearing today, according to a statement from U.S. Attorney Preet Bharara in Manhattan. Weitzman, who lives in Armonk, New York, pleaded guilty in October to investment advisory fraud, wire fraud and securities fraud. AFW is a financial planning and investment management firm with offices in Purchase, New York, and Natick, Massachusetts, according to the U.S. Attorney's statement. Weitzman was a co- founder of the firm, which had more than $190 million in assets under management at the end of 2008, according to the statement. Eight unidentified victims complained funds were missing from their accounts, prosecutors said last year. “I was disappointed the judge imposed a sentence of the length that she did,” Weitzman's lawyer, Marc Mukasey, said in a phone interview. “I thought that the work Mr. Weitzman had begun to do to repay his victims was laudable and deserving of credit.” Weitzman will report to prison in August, his lawyer said.

Latest News

Advisor moves: Raymond James lands $700M Truist duo in Florida
Advisor moves: Raymond James lands $700M Truist duo in Florida

&Partners has also added a $357 million Texas family practice, while Janney recruits a $250 million Edward Jones advisor in Miami

Wirehouse moves: JPMorgan taps Merrill veteran for Southeast role as BofA beefs up OCIO team
Wirehouse moves: JPMorgan taps Merrill veteran for Southeast role as BofA beefs up OCIO team

Linda Patel will lead J.P. Morgan Advisors in Florida and Georgia as Bank of America adds nonprofit specialists in New York

Colorado advisor loaded up elderly clients with risky Interval funds: regulator
Colorado advisor loaded up elderly clients with risky Interval funds: regulator

Interval funds and other semi-liquid or illiquid products are typically two to three times more expensive than plain vanilla stock or bond mutual funds or exchange-traded funds.

Investor alleges alkaline water startup hid sales data in white text
Investor alleges alkaline water startup hid sales data in white text

The royalty statements looked normal - until someone checked the electronic files.

SEC alleges fake hedge fund forged seals to steal $130M
SEC alleges fake hedge fund forged seals to steal $130M

They allegedly fabricated SEC certificates to dupe investors.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor