6 Illinois Investment Advisers Charged With Fraud

The Illinois Securities Department has taken administrative action against eight individuals:

Thomas Thorp, of Peoria and formerly registered with Lincoln Investment Planning, Inc. was charged with defrauding Peoria-area teachers of nearly $1 million;

Rick Burnett, of Mt. Zion and formerly registered with Bracek and Young Advisors, Inc., was charged with forging a signature to withdraw $175,000 for his personal use;

David Novak, a Winnetka broker formerly associated with WMA Securities, Inc., was charged with withdrawing money and converting it for his personal use;

John Kiley, of Tinley Park and president of John Kiley Financial, Inc., was charged with misappropriating money from in-state and out-of-state residents;

Paul House, III, of Decatur and a managing member of House Asset Management, LLC, was charged with soliciting $2.9 million from about 100 investors through fraudulent omissions and misrepresentations; and

Vincent Williams, of Chicago and an adviser registered as Vincent Williams & Co., was charged with defrauding multiple investors.

Source: Illinois Securities Department Securities Bulletin, Winter, 2002