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U.S. Securities and Exchange Commission


Litigation Release No. 21343 / December 18, 2009

United States v. Stephen Clifford, No. 09-CR-10387-NG (D. Mass.).

SEC v. Stephen F. Clifford d/b/a Clifford Financial Associates, No. 08-CV-11023-RGS (D. Mass.).

Investment Adviser Criminally Charged For Defrauding Investors

The Commission announced today that, on December 16, 2009, the United States Attorney's Office for the District of Massachusetts filed an Information against Stephen Clifford, formerly an investment adviser based in Plymouth, Massachusetts.

The Commission filed an emergency action against Clifford on June 17, 2008. On that date, the Commission sought and obtained a temporary restraining order against Clifford and an order freezing Clifford's assets. The Commission's Complaint alleges that Clifford, between at least July 2004 and June 2008, while acting as an investment adviser, defrauded investors of at least $2.9 million and fraudulently converted investor funds for his personal use.

The Information against Clifford makes substantially similar factual allegations as the Commission's Complaint. The Information also charges Clifford with filing false tax returns.

The Commission acknowledges the assistance and cooperation of the Massachusetts Securities Division, the Barnstable County District Attorney's Office, the United States Postal Inspection Service, and the United States Attorney's Office for the District of Massachusetts.

For additional information, see Litigation Release No. 20622 (June 18, 2008).



Modified: 12/18/2009