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Company that acquired 'Money Guys' firm ordered to stop advising investors.

Byline: Heather Cobun

The company that acquired Towson-based Everest Wealth Management, which kept its license after former owner Philip Rousseaux lost his investment adviser registration, was ordered to halt investment advisory operations Friday. High Point Wealth Management and High Point Insurance Solutions operate out of the former Everest offices in Towson andsolicited former Everest clients, according to a news release from the Maryland Office of the Attorney General. High Point and owner Perry Santillo Jr. are accused of selling unregistered securities, acting as an unregistered investment adviser and fraud. We acted swiftly to protect Maryland investors against further losses from recommendations made by an unlicensed investment adviser, Attorney General Brian E. Frosh said ina statement. The Securities Division of my office will pursue and hold accountable any individual or business that jeopardizes the hard-earned savings and investments of Marylanders. An answer to the cease and desist order is due within 15 days of service of the order. The Securities Division is seeking sanctions against Santillo and his company, including a permanent bar from the securities and investment advisory business in Maryland. High Point is a Nevada corporation operating in Baltimore County that has "never been registered as a broker-dealer or investment adviser in Maryland," according the cease-and-desist order. Santillo allegedly acted as an unregistered investment adviser, suggesting investors who were unprepared to manage their own assets liquidate their investments held with another adviser and surrender their annuities, transferring funds to a self-directed IRA custodian. Anyone who invested money with Santillo or High Point is encouraged to contact the Securities Division at 4-576-62. The case isIn the Matter of Perry C. Santillo Jr. and High Point Wealth Management aka High Point Insurance Solutions, 201-0036. Everest, which was known for its popular "Money Guys" informercials, was barred from doing business in Maryland before the case against the company was dismissed in 2017. Rousseaux lost his license and a Baltimore City Circuit Court judge affirmed the sanction. Frosh alleged in the administrative filing that Rousseaux, either independently or through his Everest companies, misled clients about service charges and the firms stock market successes as well as falsified forms intended to protect investors when transferring assets. Rousseaux denied the allegations and accused the attorney generals office of singling out the company.

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Publication:Daily Record (Baltimore, MD)
Geographic Code:1U5MD
Date:Feb 2, 2018
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