Maryland Attorney General Brian E. Frosh announced Thursday Baltimore City Circuit Judge Althea Handy affirmed judgments sanctioning Everest Invest Advisors and Everest Wealth Management for violating the antifraud provisions of Maryland securities law.
Owner, Phillip Rousseaux, and his companies ran infomercials on radio and TV stations under the title “The Money Guys,” promising limited risk and guaranteed returns.“This case sends a strong message to any business that engages in fraudulent or deceptive investment advisory activities,” said Attorney General Frosch in a press release. The Securities Division of my office will continue to protect consumers from these dishonest, unethical practices that can put at risk the hard-earned savings and investments of Marylanders.”
In March 2017, Rousseaux launched an appeal against the decision. Judge Handy defended the decision, saying penalties were within the state’s authority and supported by substantial evidence.
“In this case, the Commissioner’s sanction was ‘lawful and authorized’ based [on] findings of fact and law in a ‘reasonable and rational’ Final Order and as not so ‘extreme and egregious to be considered arbitrary and capricious, said Judge Handy.”