In the Matter of Angelo A. Alleca
On November 29, 2012, the Commission issued an Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934 and Section 203(f) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions against Angelo A. Alleca (Alleca) based on the entry of a permanent injunction against him. According to the Order, the Commission’s complaint alleged that Alleca and his company, Summit Wealth Management, Inc. (Summit Wealth Management), incurred substantial losses in Summit Investment Fund, LP (Summit Fund), and that Alleca concealed the losses from investors and provided them with false account statements. The Complaint further alleges that Alleca then raised additional funds from Summit Wealth Management clients for two additional hedge funds that he created, and that Alleca misappropriated money invested in the new funds in a Ponzi-like fashion in order to meet redemption requests in Summit Fund.
Based on the above, Alleca is barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent or nationally recognized statistical rating organization, and barred from participating in any offering of a penny stock. Alleca consented to the issuance of the Order without admitting or denying any of the findings in the Order, except he admitted to the entry of the injunction.
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