Everest Wealth Management barred from doing business in Md.

Everest Wealth Management, the Towson firm behind the popular “Money Guys” infomercials, is no longer allowed to do business in Maryland following a final order by the attorney general’s office.

Attorney General Brian E. Frosh announced Thursday that his Securities Division prevailed in an administrative proceeding to shut down Everest Wealth Management Inc. and Everest Investment Advisors Inc. based on allegations of fraud and securities law violations.

The order revokes owner Philip Rousseaux’s investment adviser representative registration, bars him and his firm from the securities and investment advisory business, suspends EIA’s investment adviser registration for one year and imposes $255,000 in fines.

“The Final Order sends a strong message to any other business that attempts to engage in these misleading and fraudulent tactics,” said Frosh in a statement. “The Securities Division of my office will continue to pursue and hold accountable any individual or business that engages in unlawful activity.”

Rousseaux and Everest have a right to appeal the order to the circuit court within 30 days. Rousseaux’s attorney did not immediately respond to a request for comment.

Rousseaux has previously defended himself and his firm and called the investigation unconstitutional, also noting at a Maryland Insurance Administration hearing last October that no customer complaints had been filed.

“We adamantly deny the allegations that the commissioner’s office has made and we stand by our process and we stand by the services that we provide clients,” Rousseaux said in June 2015, after Frosh initially filed charges. “This process has been an unfair process. We have been unfairly targeted.”

Rousseaux’s infomercials aired on multiple stations in the Baltimore area and promised guaranteed returns and limited risk. Frosh alleged in the administrative filing that Rousseaux, either independently or through his Everest financial companies, misled clients about service charges and the firms’ stock market successes and falsified forms intended to protect investors when transferring assets.

The final order released Thursday found Rousseaux and his companies violated the anti-fraud provisions of Maryland securities law by using false and misleading performance figures; misrepresenting the nature of the firm’s advisory services and fees for those services; misrepresenting the existence of an EIA investment committee; making false and misleading filings with the Securities Division; and using unauthorized blank Medallion-stamped asset transfer forms misrepresenting that the clients’ identities had been verified.