Late last month, an investment adviser from MiddleCove Capital LLC in Connecticut was suspected to be guilty of “cherrypicking” trades in order to benefit his own accounts. The adviser, Noah Myers, lost roughly $2 million of his clients’ money while gaining approximately $460,000 for himself. These illegal actions took place over the span of two and a half years and ended in the beginning of 2011.
Myers will likely be convicted of being guilty of fraudulent trade allocation, meaning that he kept track of trades over a one to two-day period and then took advantage of those with increasing value, while depositing the less successful ones into his clients’ accounts. This led to an increasing value in his own account at the expense of those who should have been benefitting financially.
If you feel that you have encountered this type of misconduct, then you need to contact an appropriate lawyer to get the assistance and guidance that you need. Call Securities and Stock Fraud Attorney Thomas C. Bradley today to see what he can do for you.