The Securities and Exchange Commission (SEC) charged former Oracle Investment Research founder Laurence I. Balter for charging clients an advisory fee and a fund-management fee. Balter allegedly instituted a day-trading strategy in a single account that included his and his clients’ trades. Mr. Balter waited to see which trades were profitable and put those in his own account while allocating less profitable trades to his clients, in separately managed accounts. He made approximately $490,000 in profits while his clients lost money. He also allegedly charged his fund clients both an advisory fee and a fund-management fee after telling them he would give them a credit for the management fee. The SEC will conduct administrative proceedings to determine punishment, which could include disgorgement and civil penalties. Many of his investors were elderly. Mr. Balter is no longer registered with the SEC or the state of Washington, where Oracle was located.
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