The Securities and Exchange Commission has obtained a final judgment against a financial advisor from Pittsburgh who has been accused of taking money without permission from the accounts of several professional athletes and then lying to the SEC.

The final judgment, entered by consent on 4 August by Paul Oetken of the US District Court for the Southern District of New York, permanently enjoins Louis Martin Blazer III from breaking section 17(a) Securities Act 1933, section 10(b) Securities Exchange Act 1934 (and Rule 10b-5 issued thereunder) and sections 206(1) and 206(2) Investment Advisors Act 1940 and orders him to pay approximately $1.8 million in disgorgement (a payment to prevent a firm or individual from benefiting from any transgression) and prejudgment interest and a civil money penalty of $150,000. On 18 May 2016, the court entered a partial judgment by consent and Blazer agreed to the entry of an SEC order, based on the partial judgment, imposing a permanent industry bar.