MN Money Mgr. Barred From Industry, Will Pay $1.1M
A money manager from the Minnesota city of Buffalo has reportedly been barred from the securities industry.
David Welliver, who ran Dblaine Capital out of his home, has been accused of having a history of financial misconduct and was sued by the U.S. Securities and Exchange Commission in 2011, according to a Star Tribune report.
Regulators reportedly accused Welliver and his company of illegally mismanaging a mutual fund—leaving shareholders with worthless investments while Welliver kept money for his own expenses.
Without admitting or denying most of regulators’ accusations, he agreed to a settlement that bars him from the industry and also requires him to pay $1.1 million, including a $200,000 civil penalty, according to the Star Tribune. A St. Paul judge signed off on the deal on Tuesday.
The SEC suit was not the first time Welliver encountered legal trouble. To learn more about the latest settlement, as well as Welliver’s controversial track record in the industry, read the full story here.