WPRO News and the Associated Press
PROVIDENCE, R.I. (AP) – The U.S. Securities and Exchange Commission has accused a Providence private investment adviser and his firm of what it calls a Ponzi scheme that cost investors more than $11 million in investor money.
The SEC filed a complaint Thursday accusing Patrick Churchville and his firm, ClearPath Wealth Management, of misappropriating client money in what it called “a series of Ponzi-like transactions.” They also say that Churchville used $2.5 million in investors’ money to buy a waterfront home in Barrington.
Churchville’s lawyer, Michael Lepizzera, says on Monday that he is still going through the complaint, but says it’s a lot more complicated than what the SEC alleges. He says many of the investments are still pending and it’s too early to say whether there are losses.
