An investment adviser from the Philadelphia area is accused of misappropriating more than $23M of client funds. The proceeds were allegedly used to pay personal expenses related to horse ownership and racing,
construction, boats, limousines, chartered aircraft and other luxuries. Using his position of control over nearly every aspect of his company Alcorn Capital Management, he was able to mislead investors about deposits and withdrawals. More can be read about the case at SEC.gov.
