Louis Martin Blazer, III, a financial advisor from the Pittsburgh, Pennsylvania area took cash from numerous professional athletes to invest in movie projects in which he had an interest, according to the SEC. Blazer used roughly $2.35 million from five clients without their authorization to help finance two motion pictures: “Mafia the Movie” and “Sibling.” In one instance, Blazer allegedly thieved $500,000 from the account of an athlete who had refused to invest in the projects. When that client discovered what Blazer had done and threatened a lawsuit, Blazer began taking money from another athlete to make the repayment in “Ponzi-like fashion,” according to the SEC.

“We allege that Blazer grossly abused the trust placed in him by his clients and repeatedly took their money without authorization,” said Andrew Calamari, director of the SEC’s New York Regional Office. “And when our examiners put him on the spot, he resorted to false statements and false documents.”

Blazer, who lives in Clinton, Pennsylvania, is the founder of Pittsburgh-based Blazer Capital Management, a “concierge” firm that targeted professional athletes and other high net worth individuals, according to the SEC’s complaint filed in federal court in Manhattan. He defrauded clients from 2010 to 2012.

The adviser agreed to settle the agency’s charges without admitting or denying the allegations, and the financial penalties will be decided at a later date, the agency said.

Blazer is no longer licensed or registered with any firm. He was last registered in 2012 with Comprehensive Asset Management and Servicing, Inc. in Parsippany, New Jersey. Blazer has been the subject of four customer complaints, according to FINRA’s BrokerCheck. Three complaints were denied and one was settled for $850,000.

If you or someone you know has lost money as a result of an investment or Ponzi scheme, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.