Read the latest news relating to investor claims and broker fraud.

Ohio Investment Adviser Ordered to Pay $1 Million in Settlement

Robert Pinkas, an investment adviser based in Shaker Heights, Ohio, has been ordered to pay $1 million in civil penalties, disgorgement and interest in a settlement with the SEC involving fraud charges, according to an Oct. 13 Crain's Cleveland Business article. Pinkas was CEO of the Ohio-headquartered Brantley Capital Management LLC and of an associated company, Brantley Capital Corp., based in New York.

According to the article, in 2009, the SEC brought a civil action case against Pinkas, Brantley Capital Management, and Tab Keplinger, the former part-time CFO of the company, alleging that the defendants overstated the value of both Brantley Capital Management and Brantley Captial Corp. in order to generate higher fees. The action also accused the defendants of failing to make required disclosures regarding the companies, which the SEC says were failing.

On Sept. 29, U.S. District Court Judge James S. Gwin entered the final judgment in the case. Pinkas must pay a civil penalty of $325,000, a disgorgement payment of $482,561, and prejudgment interest of $150,168. The judgment also bars Pinkas from filling a similar role in the securities industry for a period of five years, according to the article.

Brantley Capital Management settled in September by accepting a judgment that included a permanent injunction against the company. Keplinger settled in August of 2009 and was ordered to pay a civil penalty of $50,000. All three defendants settled without admitting or denying the SEC's charges.

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