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The Securities and Exchange Commission charged Phillip W. Conley, an ex-Merrill Lynch registered representative, with a scheme that included “Ponzi-like payments.” So reports Think Advisor.

gavel 3576932 640smallThe SEC complaint claims Conley made a series of false and misleading statements while pushing at least 20 investors into buying $5.2 million of securities between January 2014 and September 2018.

Conley didn’t invest the funds as promised and also “commingled investor funds in bank accounts that he controlled,” according to the article. He bought jewelry, clothes and other items for himself with the money he got from pastors and churchgoers and others.

Read the full article from Think Advisor.

Last modified on Tuesday, 21 April 2020
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