Matthew Weitzman, a former principal of AFW Wealth Advisers, was arrested and charged with stealing $6 million from clients.
The wire fraud and securities fraud charges were filed Wednesday in Manhattan federal court. Prosecutors said in an affidavit attached to the criminal complaint that eight unnamed victims complained of funds missing from their accounts.
Prosecutors said Weitzman, 43, admitted to his partner, who was not named, that he withdrew funds without client authority and told clients who complained he would invest in certificates of deposit, which he didn't do.
Also Wednesday, the Securities and Exchange Commission sued Weitzman, who lives in Armonk, NY. The agency said the alleged scam ran from 2005 to March 2009 and he used client money to "furnish a lavish lifestyle."