SEC Revokes Registration of Pennsylvania Firm DMS Advisors
The Securities and Exchange Commission (SEC) has revoked the license of DMS Advisors over fraud charges. The regulator alleges that the mutual fund manager diverted investor funds and made fake statements.
DMS Advisor Exec Diverted Funds
Headed by Peter Kohli, DMS Advisors had been a registered investment advisor since 2012. The Leesport, Pennsylvania-based firm served as an advisor to four emerging-market mutual funds administered by The DMS Fund—a company also operated by Kohli.
The SEC complaint alleges that DMS Advisors and Kohli solicited investors for their DMS mutual funds, but instead diverted the money and used it for other things. To conceal the fraud, Kohli allegedly made fake financial statements.
SEC Freezes Firm Assets
The SEC issued an emergency asset freeze against Kohli in 2016 for allegedly defrauding investors. Between 2012 and 2015, Kohli raised more than $3.2 million from at least 120 investors.
Are You a Victim of DMS Advisors?
Do you believe you are a victim of DMS Advisor’s scheme or believe you lost money as a result of your investment advisor, contact an experienced investment fraud attorney today.
Call an Investment Fraud Attorney Today
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If you are looking for an investment fraud lawyer to review your rights and options, schedule a FREE consultation to review your rights and options with Dimond Kaplan & Rothstein, P.A. today.