WASHINGTON -- The Securities and Exchange Commission said Friday that it has barred the alleged mastermind of a fraud scheme that involved the sale of $29 million of bogus municipal bonds and an associate from committing further violations of the federal securities laws.

The SEC said that John A. Genetti and Westley Seher, who were officials at FSG Financial of Beverly Hills, Calif., agreed to the penalty without admitting or denying charges that they defrauded hundreds of investors nationwide from 1984 to 1991.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.