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| Charles Nilosek |
Earlier posting...
Charles Nilosek, the co-host of a WBZ 1030 AM brokered show, passed himself off as a financial adviser and told potential investors to sell off their retirement accounts and cash in certificates of deposit in order to make risky investments, according to a lawsuit filed by a division of the Secretary of State.
In a complaint filed on Monday, the state's Securities Division accused Nilosek and his company Position Benefits LLC of improperly pushing investments that supposedly carried no risk while providing up to a 12 percent return.
According to the Boston Business Journal, Position Benefits received more than $670,000 in commissions and related payments for funneling investors into these riskier positions, the complaint said.
Position Benefits allegedly made the misleading claims on advertisements on WBZ and other radio stations, as well as online. Nilosek is a co-host of “Life is Great! New England,” which airs Sunday nights on WBZ.
Position Benefits allegedly did not disclose that, should the investments in question go sour, the investors could be forced to go to court to try to retrieve their money. In addition, Nilosek did not register himself nor Position Benefits with the state as an investment adviser or adviser representative, the complaint said.
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