Chapman Charged With Fraud

SEC claims former B.E. 100S CEO mismanaged pension funds

a BMW motorcycle, as well as a $4,000 monthly allowance.

The FBI, the SEC, the IRS and the United States Attorney’s Office have teamed up on the investigation and U.S. Attorney Thomas DiBagio has vowed to be as aggressive with Chapman as he would a drug dealer or murderer. If convicted on the SEC charges, Chapman could face fines of up to $120,000 for each penalty, according to Horowitz. Conviction on the criminal charges filed by the state of Maryland could mean up to five years of imprisonment and a $250,000 fine for each count. A securities fraud count for filing false documents with the SEC carries up to 10 years and a $1 million fine. He also could be made to pay restitution to the pension system and other clients.

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