Politics & Government
SEC Takes Final Action Against Former Braintree Finance CEO
A.L. Waters, who ran an investment firm headquartered in Braintree, was sentenced by a federal judge for a Ponzi scheme earlier this year.
The Securities and Exchange Commission made final judgements against Arnett L. Waters, former CEO of a financial firm based in Braintree, on Wednesday in U.S. District Court, ending a case that began in 2012 with the allegation that Waters had defrauded clients out of millions of dollars.
Waters, along with two entities that he controlled, broker-dealer A.L. Waters Capital, LLC and investment adviser Moneta Management, LLC, consented to an order to halt the defendants’ fraudulent sales of fictitious investment-related partnerships, the SEC said in a press release.
The judgement "enjoins them from violating the antifraud provisions of the federal securities laws."
Waters was sentenced in April to 17 years in federal prison for orchestrating a Ponzi scheme through his securities company.
After pleading guilty last fall to criminal contempt, securities fraud, mail fraud, money laundering and obstruction of justice, Waters, 63, was sentenced to the prison term plus three years of supervised release, as well as restitution and forfeiture in the amounts of over $9 million.
See this article for more details on the scheme.
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