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Brief
The U.S. Securities and Exchange Commission (SEC) charged New Jersey resident Kenneth Thom with offering fraud, alleging he raised over $600,000 from investors by misrepresenting himself as a trading "luminary" and a former Wall Street market maker. The complaint alleges Thom misappropriated approximately $235,000 of investor funds, spending it on luxury goods and vacation rentals. The SEC's charges against Kenneth Thom mark a significant enforcement action against an individual who allegedly exploited investor trust in the name of fraudulent investment schemes. Compliance considerations for investment firms include implementing effective due diligence processes to verify individuals' claims and credentials.
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