David Blaine is an illusionist, often referred to as a modern-day Houdini. So may be David Blaine Welliver, an investment advisor and operator of a mutual fund based in Buffalo, Minnesota, if the SEC is to be believed, according to financial-planning.
The SEC filed a complaint in Minnesota federal court against Welliver and his eponymously named Dblaine Capital for borrowing $4 million and and placing a portion in worthless securities, as a requirement of the lending, and not disclosing this to investors.
That, of course, was against the Dblaine Fund’s investing guidelines, the SEC noted in its action in U.S. District Court. So was spending “at least $500,000 of the $4 million” for Welliver’s personal benefit. The regulator alleges that Welliver bought himself a new car, vacations, meals, home improvements, jewelry and paid some back taxes. He also tried to educate his son, paying for his college tuition, the SEC said….
Read more at http://www.financial-planning.com/news/sec-charges-minnesota-advisor-mutual-fund-violations-2675658-1.html
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