United States SEC Charged Financial Advisor for Misappropriating More than $1 Million over 2 Years from NBA Basketball Players, Used Funds to Pay for Son’s Basketball Program, Home Gym, Repay Stolen Funds to Another Client & Received Kickbacks for Selling Life Insurance Settlements

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United States SEC Charged Financial Advisor for Misappropriating More than $1 Million over 2 Years from NBA Basketball Players, Used Funds to Pay for Son’s Basketball Program, Home Gym, Repay Stolen Funds to Another Client & Received Kickbacks for Selling Life Insurance Settlements

25th March 2023 | Hong Kong

The United States Securities & Exchange Commission has charged a former financial advisor of a large financial institution for misappropriating more than $1 million over 2.5 years from current & former NBA basketball players, using the misappropriated funds to pay for his son’s basketball program, a home gym, repay stolen funds to another client and separately, received kickbacks for selling life insurance settlements.   Andrew Dean, United States Co-Chief of the Asset Management Unit:  “As the complaint alleges, instead of protecting his clients’ investments, Cohen took advantage of their trust for his personal gain. Protecting investors from fraud by their financial advisers is a priority for the SEC.”  See below for full statement 

“ United States SEC Charged Financial Advisor for Misappropriating More than $1 Million over 2 Years from NBA Basketball Players, Used Funds to Pay for Son’s Basketball Program, Home Gym, Repay Stolen Funds to Another Client & Received Kickbacks for Selling Life Insurance Settlements “

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United States SEC Charged Financial Advisor for Misappropriating More than $1 Million over 2 Years from NBA Basketball Players

SEC Charges Financial Adviser for Misappropriating More Than $1 Million From Current, Former NBA Players

23rd March 2023 – The Securities and Exchange Commission today charged Darryl Matthew Cohen, a former investment adviser at a large financial institution, with misappropriating more than $1 million from three current and former NBA players over a period of two and a half years.

According to the SEC’s complaint, from October 2017 through April 2020, Cohen used client funds, without their understanding or authorization, for personal expenditures including to support his son’s amateur basketball program, for a home gym, and to pay back another client whose funds Cohen had misappropriated. Cohen also allegedly sold life insurance settlements to the clients for kickbacks to fund his home improvements.

“As the complaint alleges, instead of protecting his clients’ investments, Cohen took advantage of their trust for his personal gain,” said Andrew Dean, Co-Chief of the Asset Management Unit. “Protecting investors from fraud by their financial advisers is a priority for the SEC.”

The SEC’s complaint, filed in U.S. District Court for the Southern District of New York, charges Cohen with violating the antifraud provisions of the federal securities laws. The complaint seeks permanent injunctive relief, disgorgement and prejudgment interest, and a civil penalty. In a parallel action, the U.S. Attorney’s Office for the Southern District of New York today announced criminal charges against Cohen.

The SEC’s ongoing investigation is being conducted by Payam Danialypour and Manuel Vazquez and supervised by Brent Wilner, all of the Asset Management Unit. The litigation will be led by Stephen Kam and supervised by Gary Leung of the Los Angeles Regional Office. The SEC appreciates the assistance of the U.S. Attorney’s Office for the Southern District of New York and the Financial Industry Regulatory Authority.

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