The former COO of California-based Hoplon Financial Group has been barred from the securities industry by the Securities and Exchange Commission for misusing customer funds.
According to the regulator, Gilbert Fluetsch, the former chief operating officer of investment advisory firm Hoplon Financial Group used customers’ money on business and personal expenses that were unrelated to their intended use.
Hoplon Financial Group COO and CEO Scammed Investors of $2 Million
The 52-year-old California native allegedly aided the owner of Hoplon Financial Group, Daniel B. Vazquez Sr., in creating the New Economic Opportunities Fund I, or NEON, in 2011.
According to the SEC, the two sold membership units in the fund, promising to use investors’ money to purchase and flip residential real estate properties. Between 2011 and 2014 they raised $2.18 million from 27 investors. Instead of using the funds as promised, they pooled the money and misused the funds at a total loss to investors.
Court documents did not specify what the money was spent on, only citing unrelated business or personal expenses.
Fleutsch Barred from the Industry
Fleutsch has been barred from the securities industry. As a result, he may not be associated with any broker, dealer, investment adviser, municipal securities dealer, municipal adviser, transfer agent or nationally recognized statistical rating organization.
Fluetsch was permanently enjoined from engaging in future acts of fraud and deceit in May of 2018. He is liable for disgorgement of $114,734.72. Fluetsch was the COO of California-based Hoplon Financial Group from 2010 to May 2014.
FINRA has also barred Daniel B. Vazquez Sr., Fleutsch’s partner in the scheme, from acting as a broker or otherwise associating with a broker-dealer.
Have You Lost Money as a result of Hoplon Financial Group COO Gilbert Fluetsch?
If you lost money investing with former Hoplon Financial Group or Gilbert Fluetsch or think you may be the victim of stockbroker misconduct, contact an experienced investment fraud attorney today.
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