The Securities and Exchange Commission (SEC) charged Marc D. Broidy and his Los Angeles-based firm, Broidy Wealth Advisors, with fraudulently overbilling clients and stealing assets from their trusts. Broidy allegedly used that money to pay for personal expenses, such as trips, cars and home mortgage payments. The SEC alleged that Broidy and Broidy Wealth Advisors obtained more than $1.4 million since February 2011. He allegedly billed clients $643,000 in excess fees and made false reports on forms which he then sent to clients. He also fraudulently obtained additional funds to pay his personal expenses in the amount of $865,000 in assets from clients’ trusts for which he was a trustee. The complaint also stated that he misled advisory clients about some investments they made in privately-held companies when he didn’t inform them that he was affiliated with those companies. The U.S. Attorney’s Office for the Eastern District of New York also announced criminal charges against Broidy.
According to his online Financial Industry Regulatory Authority (FINRA) BrokerCheck report, Broidy was registered with Citigroup Global Markets in New York, New York from May 1997 until September 2005, Merrill Lynch in New York from September 2005 until September 2010 and UBS in Buffalo, New York from September 2010 until October 2010. He has one customer dispute against him and one civil dispute which is currently pending. If you lost money with Marc D. Broidy, or his firm, Broidy Wealth Advisors, please call our law offices in Chicago today at 312-332-4200 to speak to an attorney for free. There is no obligation. We try cases in the FINRA arbitration forum on a contingency fee basis to help investors recover their losses.