Archives for: March 2011, 30
Houston “Money Man” Talks His Way Into Trouble With The SEC
By Securities Law on Mar 30, 2011 | In Legal Actions
Talk radio “Money Man” Daniel Frishberg was charged with fraudulent conduct in connection with promissory note offerings made to clients of his investment advisory firm, Daniel Frishberg Financial Services (DFFS).
According to the Securities and Exchange Commission’s complaint, Frishberg advised clients to invest in notes issued by Business Radio Networks (BizRadio), where he hosts his own show under the nickname “The Money Man.” A reported $11 million in promissory notes were issued by BizRadio and Kaleta Capital Management (KCM), which is owned by Frishberg’s associate Albert Fase Kaleta. Frishberg allegedly permitted Kaleta to recommend the notes to DFFS clients, without disclosing BizRadio’s poor financial condition or that proceeds from the note offerings funded Frishberg’s salary as BizRadio talk show host.
Frishberg will be barred from future association with any investment adviser and has agreed to settle the charges by paying a $65,000 penalty that will be distributed to harmed investors
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