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October 11, 2016

Broker Barred for Biosyntec Investments

The Securities and Exchange Commission has ordered Lee Weiss and his brokerage firm, Family Endowment Partners, LLC, to refund $8.4 million to defrauded investors. Additionally, the SEC fined Mr. Weiss $1.5 million and barred him from the securities industry. The SEC believes that Mr. Weiss had clients invest $40 million over a two year period in a stock named Biosyntec. Weiss received over $600,000 in compensation directly from the company. The SEC also alleges that Weiss failed to disclose the risks of the investment to his clients and the fact that the company was failing to meet its ongoing financial obligations.