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the Security and Exchange Commission says he banned a former financial adviser for allegedly stealing hundreds of thousands of dollars from one of his clients.

Steven Muntin began his career in the financial services industry in 1993, registering as a broker with Royal Alliance Associates in Brighton, Michigan, according to BrokerCheck. He left the firm in 2006 and did not register with another firm until 2013, when he joined Executive Asset Management in Fenton, Michigan, as an investment adviser, according to the SEC’s Investment Advisor Public Disclosure Database.

Muntin was the owner of Executive Asset from 1992 to February 2020, and the company was registered as an investment adviser with the SEC from 2002 to October 2012 and with the State of Michigan from October 2012 to 2014, indicates the regulator in an administrative procedure document. published last week. The company had about $26 million in assets under management, according to the regulator.

Muntin’s registration with Executive Asset ended in December 2014 and he did not register with another firm until December 2015 when he joined Taylor & Morgan Asset Management in Flint, Michigan, according to the IAPD.

Between January 2016 and February 2020, Muntin allegedly misappropriated more than $305,000 from one of his advisory clients identified only as “Client A”, spending assets believed to be invested in securities for his own benefit, according to the SEC. .

While Muntin was registered with Taylor & Morgan during the time of the alleged hijacking, he managed Client A through Executive Asset, according to the regulator.

Muntin also allegedly overcharged the client by at least $9,000 in AUM fees, according to the document.

A final consent judgment was entered against Muntin in U.S. District Court for the Eastern District of Michigan on May 5, barring him from future violations, in view of which the SEC barred him from the industry last week, said the regulator.

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