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Replies to post #29858 on CoreStream Energy, Inc. (fka ZLUS)
07/25/12 7:58 PM
Posted on Jun 28, 2012 The Financial Industry Regulatory Authority (FINRA) suspended Milton Charles Ault III of Fountain Valley, California until May 2014, ordered restitution of approximately $313,000, plus interest, and fined Ault an additional $75,000—a sanction totaling $385,000—for engaging in 43 transactions in the accounts of four clients without the customers' prior authorization, knowledge or consent.
FINRA Case #20080161571-01 (April 26 2012) PDF file
Ault, who has also used the alias "Todd Ault" in the industry, committed the financial misconduct in 2008 while he ran his own brokerage firm, Zealous Capital Markets, LLC, based in Tustin, CA. As FINRA determined Ault failed to remit payment and deliver services to clients, the Authority took the severe step of ordering $312,916.06, plus interest, in restitution to investors Ault had defrauded.
Zealous Capital Markets, LLC terminated its registration with FINRA in January 2009. After leaving Zealous in 2009, Ault became associated with the Scottsdale Capital Advisors Corp. before being served the aforementioned charges.
If you have done business with broker Milton Charles Ault or "Todd Ault," and believe the firm or Ault himself engaged in unethical practices or financial misconduct harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.
According to the suit, Ault bilked a dozen hedge funds out of the $4.2 million invested in his Zealous Inc. That money was supposed to be used to create a new securities investment platform. But in September, Ault merged Zealous with Adult Entertainment Group, which issued a press release touting plans for a 140-acre East Coast establishment catering to the “fast-growing swingers lifestyle.” Ault now says that was “simply a joke.
AI
