The Securities and Exchange Commission has accused a Florida radio host of fraud in connection with selling $52 million in risky, unregistered oil and gas securities to about 50 retail investors — including retired seniors — and using his financial show to help lure clients.
Charles D. Oliver, 54, a licensed insurance agent in Lake Mary, Florida, defrauded and deceived investors and breached his fiduciary duty in connection with the securities sale, the SEC alleged in a complaint filed last week in the U.S. District Court for the Middle District of Florida.
“Oliver used a radio show and podcast he hosted, Hidden Wealth Radio, to reach a larger audience and to solicit additional investors. … During broadcasts, Oliver discussed investment and tax strategy while soliciting clients for his purported investment and tax advisory group Hidden Wealth Solutions,” Oliver’s “doing business as name,” the complaint alleges.
The commission alleges that Oliver violated federal securities law by failing to disclose his financial conflicts of interest related to the sales, acting as a broker in the transactions while failing to register with the SEC, and offering unregistered securities, among other activities.
Oliver sold the securities through unregistered offerings sponsored by Resolute Capital Partners LLC and Homebound Resources LLC, the SEC alleges. Resolute paid compensation to Oliver through an intermediary company, Beacon Global Group Inc., according to the complaint, which says he received at least $4.3 million in transaction-based compensation for the sales.
The defendant has never been registered with the SEC, the complaint states.
One retiree client invested $410,000 in the oil and gas securities based on Oliver’s advice and recommendations and never received his money back, the SEC alleges. Another investor and her late husband lost most of the $662,000 they invested, the commission alleges. Another invested $550,000 and received only $10,000 back, according to the complaint, which listed other, similar investment losses.
An attorney listed on a court document as representing Oliver didn’t immediately respond to an email seeking comment. Oliver didn’t respond to a message sent through his The Hidden Wealth Solution website.
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