A former registered representative with Investors Capital has been barred from the financial industry for his part in a criminal scheme to take over a Boston, Mass., church, the Securities and Exchange Commission announced Wednesday.
Michael T. Snedeker of Waltham, Mass., previously pled guilty in Federal District Court in Boston to criminal charges of defrauding the IRS by not paying taxes on money he and friends skimmed off of funds of the Swedenborgian Church in Boston. He was sentenced to 36 months probation and ordered to pay $119,000 in restitution.
He and his co-conspirator convinced the church board of directors to appoint him property manager for rental property the church owned, even though he had no property management experience. In the process, he was paid excessively for the work he was allegedly doing and paid kickbacks to those who got him the job, the SEC says.
Investors Capital is a broker-dealer and investment advisor based in Lynnfield, Mass.