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.
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