Former Investment Advisor Charged with Misappropriating NBA Players’ Funds
Litigation Release Number Litigation Release Number:
Securities and Exchange Commission V. Darryl M. Cohen No. 1:23-cv-02453 (S.D.N.Y. Filed March 23, 2023
The Securities and Exchange Commission has filed a suit against Darryl Matthew Cohen. He was a former financial adviser for a large institution. Cohen is accused of stealing more than $1,000,000 from three NBA players, both current and past, over a span of two and half years.
Cohen is accused of using client funds to pay for personal expenses, without the consent or knowledge of his clients. This included paying for his son’s basketball team, buying a gym at home, and repaying funds that Cohen had stolen from another client. Cohen is also suspected of selling life settlements to clients in exchange kickbacks which he used for his home improvement.
The SEC filed a complaint in federal district courts in the Southern District of New York accusing Cohen of violating Sections 206(1) &(2) of the Investment Advisers Act of 40. The complaint asks for permanent injunctive remedies, disgorgement, prejudgment interests, and a civil penalty. The U.S. Attorney’s Office of the Southern District of New York announced criminal charges against Cohen in a separate proceeding.
Payam Danialypour and Manuel Vazquez are conducting the SEC’s investigation under the supervision Brent Wilner and Andrew Dean of the Asset Management Unit. Stephen Kam will lead the litigation, under Gary Leung’s supervision from the Los Angeles Regional Office. The SEC would like to thank the U.S. Attorney’s Office of Southern District of New York as well as the Financial Industry Regulatory Authority.
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SEC
The Securities and Exchange Commission is an agency of the United States government that regulates and supervises the securities industry. This includes stock exchanges and brokerage firms as well as investment advisors. Its main role is to protect and promote investors, ensure fair and efficient markets and facilitate capital formation.
The SEC enforces federal security laws by ensuring that companies provide accurate and timely information, preventing fraud, and maintaining an even playing field for market participants. The SEC also regulates securities sales, monitors insider trades, and investigates possible violations of securities law.
The SEC examines and approves the registration statements submitted by companies who wish to sell securities to the general public. This includes initial public offering (IPOs). It also sets financial reporting rules and regulations, which require companies to submit periodic statements to investors to show transparency and accountability.
The SEC also plays an important role in overseeing the securities exchanges to ensure they are operating fairly and efficiently. The SEC monitors trading, investigates possible market manipulation and enforces regulations in order to maintain the integrity of the market.
The SEC’s overall mission is to protect and promote investors, fair and transparent markets and to facilitate capital formation in order to support economic growth.
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