The SEC sued a New Jersey investment adviser, alleging he lied to clients about his background and investment guarantees and caused more than $1.6 million in losses.
Joel Sofia violated federal investment adviser laws requiring honest dealings with clients, according to the Securities and Exchange Commission’s complaint filed Tuesday in the US District Court for the District of New Jersey.
From July 2019 to January 2023, Sofia convinced three clients to give him direct access to their brokerage accounts by falsely claiming he had decades of professional trading experience at registered firms and had developed risk-free automated trading systems.
Sofia ...
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