San Diego Financial Talker Ordered To Pay Penalties In SEC Fraud Case
July 20, 2015 at 4:16 AM (PT)
A financial adviser who hosted a brokered program on MIDWEST TV News-Talk KFMB-A/SAN DIEGO has been ordered to pay a civil penalty of $725,000 plus repayment of $339,900 in ill-gotten profits and $22,748.83 in interest by the U.S. District Court in the Southern District of CALIFORNIA.
GEORGE CHARLES CODY PRICE, so-host of KFMB's "WEALTH WEEKEND HOUR" through 2011, and his ABS MANAGER, LLC consented to the judgment without admitting or denying the allegations in the complaint filed against them by the SEC.
The Commission filed suit in 2013 alleging that PRICE raised about $18.8 million from 35 investors to invest in three funds, claiming that they would return high yields (a minimum of 18% for one fund and 12.5% for the other two), and represented that they were making those returns when they were in fact losing value.