James Polese Charged by SEC | Goodman & Nekvasil P.A. May Recover Investor Losses

Goodman & Nekvasil P.A. May Recover Investor Losses | James Polese Charged by SEC

SEC Charges James Polese

The Securities and Exchange Commission ("Commission") charged two Boston-area investment advisers, one of them being James Polese, with defrauding multiple clients by stealing nearly half a million dollars of client assets, along with other breaches of their fiduciary duty. According to the SEC, in a parallel action, the U.S. Attorney's Office for the District of Massachusetts announced criminal charges against James Polese. According to the Commission's complaint, beginning in 2014, Polese and the other individual, while employed as investment advisers at a large financial institution, engaged in various schemes to defraud their clients, including stealing nearly $450,000 from one elderly client.

According to the SEC, in March 2016, James Polese and the individual fraudulently misappropriated $350,000 of their client's money, using $100,000 of those funds to make investments in their own names, and directing the remaining $250,000 to James Polese's personal bank account. Then, according to the SEC, from March through May of 2017, James Polese made numerous unauthorized withdrawals from the same client's account totaling approximately $93,000 to pay James Polese's credit card and college tuition expenses for James Polese's children. In addition to stealing client funds, the complaint alleges that James Polese and the individual breached their fiduciary duty to their clients when they (1) secretly put client funds at risk by using a client's assets as collateral to secure loan financing for a private entity in which James Polese and the individual were investors, and (2) invested client funds into an investment in which defendants held a financial interest, without informing the client or disclosing their conflict of interest. Additionally, according to the SEC,  James Polese defrauded two clients through violations of his fiduciary duties to those clients including (1) obtaining a loan from a client on unfavorable terms to the client; and (2) charging a client advisory fees 50% higher than the rate he repeatedly promised to charge her. 

Investors with James Polese May Recover Investment Losses

If you invested with James Polese, Goodman & Nekvasil, P.A. may help you. Goodman & Nekvasil, P.A., a Clearwater, Florida, law firm with a national practice representing victimized investors, has recovered more than $180 million dollars on behalf of victimized investors. 

All our cases are handled on a purely contingency fee basis by Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA. Kalju Nekvasil, Esq. has practiced in this area of the law for more than 35 years. 

There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.

If you incurred investment losses with James Polese and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.

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