June 30, 2016 Comments (0) Blog

Lee Weiss banned by SEC.

(Last Updated On: June 30, 2016)

According to reports, Lee Weiss has been barred from the brokerage and investment advisory industry for his fraudulent scheme involving a French company that claimed it could reduce the harmful effects of tobacco smoking.

Mr. Weiss, who resides in Newton, Mass, and his firm Family Endowment Partners LLC will apparently also pay about $8.4 million in relief to investors he duped.

The SEC reportedly alleged that from 2010 to 2012 Mr. Weiss and his registered investment advisory firm fraudulently advised clients and hedge funds to invest more than $40 million in securities issued by companies owned by Biosyntec, which claimed to have developed a cigarette filter that reduced the risk of lung cancer. Mr. Weiss purportedly held shares in the French company, which paid him more than $600,000 shortly after the investments were made.

In settling the SEC’s allegations, Mr. Weiss neither admitted nor denied its findings

Mr. Weiss is the owner of Newton, Mass.-based registered investment advisory firm Family Endowment Partners.

The foregoing information, which is all publicly available, is being provided by The White Law Group.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For more information on The White Law Group and its representation of investors, visit http://www.whitesecuritieslaw.com.

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