The Securities and Exchange Commission has accused Pittsburgh-based financial adviser Louis Martin Blazer III, 45, of defrauding professional athletes by allegedly stealing money to invest in various movie projects in which he supposedly had a stake.
The SEC claims Blazer took roughly $2.35 million from five clients without authorization, including allegedly stealing $500,000 from an athlete who declined to invest in two films, “Sibling” and “Mafia the Movie.”
The SEC states that Blazer was caught by one client and upon threats of a lawsuit, he allegedly took money from another athlete in order to repay the client who discovered the misconduct.
Blazer is the founder of Blazer Capital Management, a Pittsburgh-based firm accused of targeting high net worth individuals, including numerous professional athletes. The documents brought forth by the SEC show that Blazer allegedly defrauded clients between 2010 and 2012.
The SEC’s New York Regional Office’s director, Andrew Calamari, released the following statement,
We allege that Blazer grossly abused the trust placed in him by his clients and repeatedly took their money without authorization. And when our examiners put him on the spot, he resorted to false statements and false documents.
Without admitting or denying the allegations, Blazer agreed to settle the SEC charges.