A New Jersey-based asset management firm and its president and chief compliance officer are facing Securities and Exchange Commission (SEC) charges for “cherry-picking” profitable stocks for new and favored accounts that diminished returns for other clients.
RRBB Asset Management and co-owner and CCO Carl Schwartz were charged Thursday with three counts of fraud in connection with the alleged scheme. The SEC’s complaint was filed in the U.S. District Court for the District of New Jersey.
