PROVIDENCE – Investment adviser Alan P. Siegel of Easton in Bristol County, Mass., has been charged with spreading false information on his website to clients and prospective clients, Mass. Secretary of the Commonwealth William F. Galvin’s office announced.
Siegel, a registered broker-dealer and investment adviser representative, whose customers are primarily retirees or those approaching retirement, is alleged to have made false statements on his website about his disciplinary record in the securities industry, according to Galvin’s office.
Siegel’s employer, G.A. Repple & Co., also was charged with failure to supervise its agent.
According to an administrative complaint by Galvin’s Securities Division, Siegel had for years allegedly published a statement on his website under the heading “Reliability Report,” which stated that he never had a complaint filed against him.
However, Galvin’s office said, Siegel has had several complaints filed against him by customers who alleged hundreds of thousands of dollars in damages.
G.A. Repple & Co. allegedly failed to provide “meaningful review and oversight” of Siegel and his website, simply “rubber stamping” the content.
Galvin’s office is seeking a cease and desist order, censure, sanctions and an administrative fine on both Siegel and G.A. Repple.
“This case should serve as a signal to all investment advisers that my office will not stand back and allow them to lie to customers in Massachusetts,” Galvin said in a recent statement. “I also hope this serves as a reminder to firms that they need to be monitoring their agents closely for any signs of misconduct.”
Scott Blake is a PBN staff writer. Email him at Blake@pbn.com.