November 17, 2021

San Antonio Advisor Defrauded Retirees In A $58M Scheme, SEC Says

Hundreds of retirees sold their annuities and invested the money in a scheme devised by a San Antonio investment advisor that eventually reached $58 million, the Securities and Exchange Commission said Friday.

Robert J. Mueller, deeproot Funds and several companies controlled by Mueller have been charged in civil court with fraud for carrying out the investment venture that netted Mueller personally more than $3 million, some of which was used to pay for his two weddings and a divorce, the SEC said. The scheme, which played out between 2015 and February 2021, involved nearly 300 investors, many of whom were retirees, the SEC said.

The SEC complaint alleged that Mueller and deeproot Funds were investment advisors to two pooled investment funds that Mueller created. According to the complaint, Mueller and deeproot…

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