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by Mike Caswell

The U.S. Securities and Exchange Commission has filed civil fraud charges against Hans Peter Black, owner of a Boston investment advisory firm, claiming that he improperly directed $17-million worth of client money into four Canadian penny stocks. (All figures are in U.S. dollars.) The SEC claims that Mr. Black failed to to disclose substantial conflicts of interest, including the fact that he was on the boards of the companies. He also failed to tell clients that entities he controlled received payments from those companies, the SEC says.

The allegations are contained in a complaint the SEC filed in the District of Massachusetts on Tuesday, June 16. The regulator identifies Mr. Black, 62, as a Montreal-area resident who owns Interinvest Corporation Inc., a Massachusetts firm with $95-million in assets under management. The firm (which is also a defendant) advertises that it places clients into conservative, low-risk investments.

WILLIAMS CREEK

Hans Black

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