Follow Up to Fraud Prevention Practices

This is a quick follow up to my post Anti-Fraud Measures Your Practice Needs where news of “irregularities” in accounts managed by Matthew Weitzman of AFW Wealth Advisers was highlighted in the New York Times.

It turns out the Mr. Weitzman is facing very serious charges. Here’s a snip from an InvestmentNews article released today:

Earlier today, the U.S. attorney’s office for the Southern District of New York in Manhattan and the New York office of the FBI said they charged Matthew Weitzman, 43, of Armonk, N.Y., with one count of investment adviser fraud and six counts each of securities fraud and wire fraud.

He also faces charges from the Securities and Exchange Commission over the alleged theft of client funds.

Click here to view the full story at InvestmentNews.

It’s unfortunate to see anyone take advantage of clients, and it’s even worse when the individual in this case once had an affiliation with NAPFA, a group of respected fee-only financial advisers.

So again, take this opportunity to communicate to your clients about the processes and procedures you have in place to prevent fraud and protect your clients’ interests.