Massachusetts regulators charged Bruce Horowitz and his company with unregistered and fraudulent investment advisory activities by taking money for his trading software, but making no trades.
The complaint calls for banning Horowitz, of Walpole, and his company, Massive Abundance, LLC, from securities business in Massachusetts, imposing a permanent cease and desist order on them, and ordering them to make full restitution to investors.
According to Secretary of the Commonwealth William Galvin, Horowitz has a record of grand larceny and fraud in New York.
“This case highlights the need for investors to check on persons offering investment advice, no matter how rosy the picture of anticipated returns,” Galvin said in a statement. “Once again I urge investors to contact my office at 800-269-5428 to check on registration status and disciplinary history before turning over any money in connection with investments.”
The complaint states that first developed trading software for his own accounts 17 years ago, then set up Massive Abundance, LLC. He moved to Massachusetts seven years ago.
According to the complaint, Horowitz met some of his victims by attending other financial advisors’ “seminar dinners” on equity indexed annuities. The complaint alleges that he presented himself as having developed proprietary trading software that would lead to high returns and profits. He promised to invest in futures and equities, but pocketed “a lion’s share of the money,” according to the complaint.