12.16.2009 The U.S. Attorney’s Office for the District of Massachusetts filed an Information against Stephen F. Clifford, a former investment adviser based in Plymouth, Massachusetts. The SEC filed an emergency action against Clifford on June 17, 2008. On that date, the SEC sought and obtained a temporary restraining order against Clifford and an order freezing Clifford’s assets. The SEC alleges that Clifford, between at least July 2004 and June 2008, while acting as an investment adviser, defrauded investors of at least $2.9 million and fraudulently converted investor funds for his personal use. The Information against Clifford makes substantially similar factual allegations as the SEC. The Information also charges Clifford with filing false tax returns.
Click http://www.sec.gov/litigation/litreleases/2009/lr21343.htm to access the release.