SEC Wants Prominent Money Manager to Produce Records

The Securities and Exchange Commission on Thursday accused Roberto Polo, a prominent international money manager, of allegedly violating securities laws by failing to keep and maintain books and records of his firm.

In a civil complaint filed in U.S. District Court in Manhattan, the SEC named Polo and his investment company, Private Asset Management Group Inc., as defendants.

Polo, who cannot be located, was charged by his clients last month in New York State Court with diverting $110 million from their accounts for his personal use.

Polo, 37, is prominent in New York and European art circles and well known among the jet set.

The SEC complaint says that the commission began its investigation after reading newspaper reports of the lawsuit filed by his clients.

SEC investigators went to the address of his investment firm but found no listing of the company in the Fifth Avenue building’s directory.

Instead, however, they went to the offices of Miguel Cruz International, a fashion design company owned by Polo, but were told that Private Asset no longer had its offices there.

A receptionist said the company had moved its offices to Geneva in about 1986 and there were no books or records from the firm there.

The SEC is seeking an injunction that would bar further violations of securities laws and an order directing the defendants to produce their books and records to the SEC by June 10.