SEC Brings Enforcement Action Against CPA Who Was an Investment Adviser Representative

July 22, 2010

The SEC brought an administrative action under the Advisers Act against Andrew Petrofsky, a certified public accountant in Alabama, who was employed from November 2003 until August 2008 as an investment adviser representative by Professional Asset Strategies LLC, an SEC registered investment adviser.

The SEC found that Petrofsky stole money from client accounts using unauthorized wire transfers and forged checks, and attempted to conceal his theft by redirecting client account statements to his home, altering the statements to disguise withdrawals, and sending altered statements to clients.

Click here to access the administrative action.


Categories

Enforcement Actions, Investment Advisers