Close

July 11, 2014

Defiant Money Manager Banned from Securities Industry

Max E. Zavanelli, a Florida based money manager, was banned from the securities industry. An administrative law judge found that the SEC presented sufficient evidence to establish that Zavanelli provided misleading information to Morningstar. Zavanelli and his firm, ZPR Investment Management Inc., were also required to pay a fine totaling $660,000. The SEC believes that Zavanelli falsely reported his firm’s compliance with the Global Investment Performance Standards in newsletters and advertisements. According to an Investment News report, Zavanelli refused to take responsibility for any of the allegations and was said to be extremely defiant throughout all the proceedings.

To read more, click Here