A Utah investment advisor has been ordered to pay nearly $11 million in disgorgement for organizing a day-trading scheme that lost money, the Securities and Exchange Commission announced Friday.
Roger S. Bliss of Bountiful, Utah, pled guilty in Utah state court to felony securities fraud, and his business was put under court-ordered receivership. He was sentenced earlier to four years in prison and to pay $20 million in restitution. During the course of the criminal and SEC investigations, he also pled guilty to perjury and obstruction of justice.
According to the SEC complaint, Bliss operated a multimillion-dollar fraudulent investment scheme between 2008 and 2015. He told investors that he day-traded exclusively in Apple stock and that he had never had a losing day.
He claimed to manage more than $300 million in assets and guaranteed returns in excess of 100 percent. In reality, he lost money day-trading and spent much of investors' money on personal expenses and to pay prior investors, the SEC says.