Bradford C. Bleidt and Allocation Plus Asset Management Company, Inc.
Background. On November 12, 2004, the SEC filed an emergency suit against Bradford C. Bleidt and his investment advisory firm, Allocation Plus Asset Management Company, Inc. The Court granted the SEC's request for a temporary restraining order against Bleidt and APAM and an order freezing their assets. On November 18, 2004, the Court appointed David Vicinanzo and the law firm of Nixon Peabody LLP to act as Receiver to identify and protect any assets of Bleidt and APAM, including a radio station and other entities owned or controlled by Bleidt.
On December 2, 2004, U.S. District Judge Nancy Gertner entered a preliminary injunction against Bleidt and APAM, thereby extending the November 12th asset freeze. As the SEC set forth in its Complaint and supporting documents, on or about November 11, 2004, Bleidt sent a taped confession to the Boston SEC office in which he admitted he had "stolen tens of millions" from clients over a period of 20 years, confessing he had clients make checks payable to APAM and then diverted the funds to a bank account he controlled. The SEC further alleged Bleidt in the tape stated "the day of reckoning" came about when he no longer had enough funds to cover a client's requests for a withdrawal, and "The money's gone. I stole it."
For more information about the SEC's action, you can read Litigation Release Nos. 18972 (Nov. 16, 2004) and 18993A (Dec. 15, 2004). For the latest information on the Receivership, please visit the Receiver's website.
Victim Assistance. Victims with questions regarding this matter may also contact Samantha Harris in the SEC's Boston District Office at (617) 573-5905.