A federal court in Tennessee has entered a final consent judgment in a previously filed SEC enforcement action against Jay Costa Kelter, a former registered investment adviser and registered representative with Berthel Fisher & Co.
The SEC’s action, filed in November 2017, charged Mr. Kelter, of Alpharetta, Ga., with defrauding three retired clients out of more than $1.85 million, making material misrepresentations to the clients, including false guarantees concerning investor losses, and misappropriating $1.4 million of client funds for his own use.
In a parallel criminal matter, Mr. Kelter pled guilty to one count of securities fraud and one count of wire fraud last May. He was sentenced to 29 months imprisonment and ordered to pay restitution of $1.5 million.
To resolve the SEC's allegations, Mr. Kelter consented to a permanent bar from the securities industry. He also was ordered to pay disgorgement of $1.5 million and prejudgment interest of $331,985, which were deemed satisfied by the restitution ordered against him in the criminal case.
Mr. Kelter left Berthel, Fisher in 2013 and has not be employed in the securities industry since.
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