SEC charges ex-NFL player Jones |
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Mon, 24 Sep 2007 20:56
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WASHINGTON (AP) - The Securities and Exchange Commission on Monday charged Dwight Sean Jones, a former pro football player who manages investments for athletes, with violating securities laws by refusing to allow SEC examiners to inspect his business records.Jones repeatedly denied the examiners access to his records, claiming that they had either been destroyed in a fire or inadvertently sold by a storage company, the SEC said in an administrative proceeding against Jones.As an investment adviser, Jones has claimed to manage more than $40 million in assets for his mainly athlete clients through his company, Amaroq Asset Management, the SEC said. Although Jones claims that Amaroq went out of business in 2004, the firm continued to maintain a Web site until earlier this year promoting its wealth-management programs and saying that it was subject to periodic SEC examinations, according to the agency.A hearing will be held before an administrative law judge at the agency to determine whether remedies are in order.Jones, 44, who lives in Missouri City, Texas, is not represented by an attorney in the case, according to the SEC. He could not be located for comment.Jones was an NFL defensive end who played for the Los Angeles Raiders, the Houston Oilers and the Green Bay Packers in the 1980s and 1990s.Jones and four other individuals were indicted in June on federal charges of participating in a mortgage fraud scheme in Texas.----Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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