AG Frosh Investigating Towson Financial Firm
BALTIMORE (WJZ) -- Maryland's Attorney General wants to shut down a well-known Towson financial advice business.
Brian Frosh alleges Everest Wealth Management and Everest Investment Advisors fraudulently misrepresents the risks of its investment strategy.
The companies are well known in the Baltimore area for their televised infomercial ads calling themselves "The Money Guys."
Some of these ads run on WJZ-TV and WJZ-FM also known as 105.7 The Fan.
The company's president issued a statement saying it has never defrauded its investors and the company has hired experienced regulatory counsel to insure compliance with all of Maryland's securities laws.
"Over the last decade, the Everest companies have proudly served nearly 2,000 clients, helping consumers place more than a quarter billion dollars into both insurance and investment solutions in order to help them achieve their very important financial goals. Everest will continue to serve its clients with the utmost levels of transparency and trust. We look forward to responding to the Order and following the proper administrative due process as we feel 100 percent confident in our policies, protocols and high-level culture of compliance.
Three years ago, the Securities Division of the Office of the Attorney General began a series of audits. At no point in time has Everest received any cease and desist or related documents from the Attorney General's Office. Everest has remained fully compliant, transparent and forthright in its dealings with the Attorney General and will continue to do so. While Maryland's Attorney General disagrees with our marketing techniques, Everest's extended and deeply experienced legal team is fully confident we have taken the proper measures to comply with all securities regulations.
The Everest team works extremely hard to maintain a culture of transparency and compliance, both internally and externally. Last year, we hired experienced regulatory counsel and engaged a premier compliance organization to ensure adherence with Maryland securities laws. At a considerable expense to the company, Everest also reproduced its advertising campaign. We look forward to responding to the order from the Office of the Attorney General, and will continue to provide exemplary service to current and future Everest clients."
