BizRadio's Kaleta Barred From Associating With Investment Advisors
February 9, 2010 at 4:29 AM (PT)
As BIZRADIO returns to the airwaves on its own KTEK-A/HOUSTON after winning its legal battle with a company that had been leasing time on the station, its co-owner ALBERT FASE KALETA has settled a suit brought against him by the SEC and a consent decree by agreeing to be barred from association with any investment advisor, according to the HOUSTON CHRONICLE's LOREN STEFFY.
The Commission had won judgment against KALETA, owner of KALETA CAPITAL MANAGEMENT, in DECEMBER, and KALETA reached a consent decree with the agency.
The SEC charged that KALETA took money invested under the claim that it would be used to make short-term loans to small businesses and instead "misused and misappropriated" the money, paying himself, his family members, and his affiliated companies and making periodic interest payments and redemptions to earlier investors with new investor funds.