The previous chief working officer of New York-based M&R Capital Administration has been charged in a fraudulent scheme the place he allegedly overbilled purchasers to artificially inflate his pay.
The Securities and Change Fee filed fees in opposition to New Jersey resident Richard T. Diver, claiming that between 2011 and 2018, Diver stole $6 million from the RIA—which was not named within the criticism. (In response to Diver’s LinkedIn account, he labored M&R for the final 25 years.) Diver overcharged greater than 300 shopper accounts by roughly $750,000, the SEC claims, after which used the cash to inflate his personal wage.
The US Lawyer’s Workplace for the Southern District of New York filed legal fees in opposition to Diver and arrested him for embezzlement.
“Mr. Diver allegedly used his place of belief to overcharge his purchasers to fund his spending habits and lavish way of life,” mentioned Inspector-in-Cost Philip R. Bartlett, in a press release. “In conditions similar to these, nobody believes they'll get caught; however once you allegedly cheat your purchasers and use the US Mail to facilitate a lie, be forewarned—Postal Inspectors and their regulation enforcement companions will finally uncover your illegal deeds and convey you to justice.”
Purchasers seen the overbilling in December, and Diver confessed the scheme to the CEO.
Post a Comment