SEC bars Michigan adviser who stole $314,000 from elderly client

SEC bars Michigan adviser who stole $314,000 from elderly client
Steven F. Muntin, 57, had his own independent RIA, Executive Asset Management Inc., which had $26 million in client assets, according to the SEC.
MAY 13, 2022

The Securities and Exchange Commission this week barred a Michigan investment adviser who the commission alleged last year had misappropriated more than $305,000 from an elderly investment advisory client and also overcharged the same client at least $9,000 in fees on assets under management.

The financial adviser, Steven F. Muntin, 57, had his own independent registered investment adviser firm, Executive Asset Management Inc. of Fenton, Michigan, which had $26 million in client assets, according to the SEC. A call to Executive Asset Management on Friday couldn't be completed because the phone number had been changed to an unknown or unlisted number.

Muntin neither admitted or denied the finding of the SEC's settlement, according to the commission, which alleged last year in a complaint that Muntin, while employed at an unnamed RIA from 2016 to 2020, ran parallel client accounts at his own firm, Executive Asset Management.

That's where and how the fraud occurred, according to the SEC's complaint, which focused on one unnamed client. According to the complaint, starting in 2016, Muntin began soliciting that client to write $306,000 in checks to Executive Asset Management for purported investments in securities.

Muntin didn't invest any of the money, according to the SEC. Instead, shortly after receiving each of the checks, he spent all of the client's money for his own benefit. He also overcharged the client at least $9,000 in fees on the account.

Latest News

Roughly three-fifths of Americans agree on higher taxes for large corporations, higher-income households
Roughly three-fifths of Americans agree on higher taxes for large corporations, higher-income households

Pew survey reveals slight majority consensus on tax rates, but views splinter based on political alignment and income levels.

The Fed's going to cut rates
The Fed's going to cut rates

While the Federal Reserve's decision to hold interest rates steady in March was widely expected, it's the reactions from financial professionals that provide a more nuanced picture of the central bank's approach.

Ontario Pension Fund revamps PE business in light of global risk
Ontario Pension Fund revamps PE business in light of global risk

The pioneering member of Canada's Maple Eight is stepping back from its go-it-alone private equity approach as a drought in deals and Trump's trade war prompt a rethink.

Raymond James, RBC reel in UBS advisors managing over $690M in assets
Raymond James, RBC reel in UBS advisors managing over $690M in assets

The firms' latest additions in Florida and Nevada come as a strategic change at UBS raises risk of advisor defections.

Assetmark debuts new advisor succession planning program
Assetmark debuts new advisor succession planning program

The new program offers opportunities and events structured for rookies, next-gen advisor leaders, and soon-to-exit veterans.

SPONSORED Beyond the all-in-one: Why specialization is key in wealth tech

In an industry of broad solutions, firms like intelliflo prove 'you just need tools that play well together'

SPONSORED Record growth: Interval funds emerge as key players in alternative investments

Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies