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His radio show was on wealth; now he will pay $1 million

George Charles Cody Price settles with SEC

Up until 2011, La Jolla's George Charles Cody Price had a radio show on KFMB called "The Wealth Weekend Hour."

In 2013, the Securities and Exchange Commission (SEC) charged that on the radio and in documents, Price had falsely represented his professional experience and grossly inflated funds that he had under management.

He had raised $18.8 million from investors. The SEC charged him with fraudulent misrepresentation and other securities law violations. In mid-July of this year, a federal court judge approved a settlement in which Price and his company agreed to pay $1.1 million to the SEC. He is enjoined from making untrue statements and employing schemes to defraud in any securities activity.

As is typical in such arrangements, he neither admitted nor denied the allegations in the complaint.

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Up until 2011, La Jolla's George Charles Cody Price had a radio show on KFMB called "The Wealth Weekend Hour."

In 2013, the Securities and Exchange Commission (SEC) charged that on the radio and in documents, Price had falsely represented his professional experience and grossly inflated funds that he had under management.

He had raised $18.8 million from investors. The SEC charged him with fraudulent misrepresentation and other securities law violations. In mid-July of this year, a federal court judge approved a settlement in which Price and his company agreed to pay $1.1 million to the SEC. He is enjoined from making untrue statements and employing schemes to defraud in any securities activity.

As is typical in such arrangements, he neither admitted nor denied the allegations in the complaint.

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6

"He is enjoined from making untrue statements and employing schemes to defraud..."

Is this not true of all investment advisers, or is it only for those who have been found guilty?

July 23, 2015

swell: As I noted in the item, he neither confirmed nor denied the SEC charges. The "I didn't do it, but I won't do it again" statement has been used at the SEC for decades.

Some astute observers want people to have to admit the charges they are essentially pleading to. This is an excellent idea but hasn't made headway yet. Best, Don Bauder

July 23, 2015

Recently, locally, some judges insist that those who plead guilty actually give testimony in court of the details of their crimes, or the plea deal is denied. Why do the judges do that? In too many situations, a few years after making a guilty plea, the convicted one starts to complain that he/she didn't understand the deal, and that he/she was confused or under duress. Hence, his/her appeal should be granted. Dear little Brenda Spencer, the "I don't like Mondays" sniper at the elementary school in San Diego tried that gambit. It hasn't worked for her. But a sure fire way that a judge can insure that a plea deal is a "real deal" is to insist upon that incriminating evidence be part of the trial record. I'd say it should be the same in SEC actions, too.

July 26, 2015

Visduh: I agree with the idea that judges should make those who plead guilty testify to their crimes in court. It would be great if the SEC took up something similar to that. Now, wrongdoers get away with saying they neither confirm nor deny the SEC's charges. Some judges and others want that changed, but it hasn't happened yet. Wall Street has too much power at the SEC. Best, Don Bauder

July 26, 2015

What about the screwees?

July 25, 2015

Twister: What usually happens is that the judge tells the crook he has to pay $x millions or hundreds of thousands to the victims. That money seldom arrives, especially if it is tucked away in a tax and secrecy haven offshore, as it often is. Best, Don Bauder

July 25, 2015

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