The influential executive who built the United Way of America into a charity powerhouse but fell from grace amid fraud charges and an affair with a teenager.
The SEC on Wednesday is expected to release a rule proposal to allow the general solicitation and advertising of private placements made under Reg D Rule 506.
Former Marine Clayton Cohn and his hedge fund management firm, Market Action Advisors, were charged by the SEC, after Cohn masqueraded as a successful trader to defraud fellow veterans, current service members and other investors.
A former Massachusetts certified financial planner and his colleague spent $1 million of their clients’ funds on personal expenses, including fast food, legal fees and ATM withdrawals at casinos, the SEC alleges.