Dan Frishberg
| Daniel Frishberg | |
|---|---|
| Born | Staten Island, New York City, New York, US |
| Employer | Frishberg Media LLC |
| Title | Financial Advisor |
| Spouse(s) | Elisea |
| Children | 3 |
Daniel Sholom Frishberg is an American businessman, author and podcast host. Since 2009, he has been the focus of a series of lawsuits concerning his relationship with his clients and allegations of fraud in the sales of worthless promissory notes to his clients to fund the failed purchase of a radio station in Houston, Texas.
Frishberg's program, The MoneyMan Report, features Frishberg's comments and analysis, is heard in the morning on South Florida radio, and is followed online via a podcast. He spent a few years as a commentator on CNBC's Closing Bell with Maria Bartiromo, the Fox News Channel, and Fox Business with Neil Cavuto. Frishberg is the author of two books, Escape from the Herd, and Investing without Borders.
Frishberg was the president and majority owner of Daniel Frishberg Financial Services, Inc. d/b/a DFFS Capital Management, Inc. (“DFFS”), an investment adviser registered with the Securities and Exchange Commission (SEC). While living in Houston, Frishberg attempted to purchase a local radio station. On March 25, 2011, the SEC filed a complaint against Frishberg, charging him with violating various SEC rules. DFFS was not financially strong enough to support the purchase of the radio station. DFFS offered promissory notes to potential investors, who were also advisory clients of Frishberg. Frishberg violated SEC rules by recommending unsuitable investments to his advisory clients. Frishberg was alleged to have approved investments despite conflicts of interest between himself and DFFS and the advisory clients. Frishberg controlled the company that issued the promissory notes. DFFS’s poor financial condition made it unlikely that DFFS could pay its promissory-note obligations. The SEC concluded that Frishberg knew that the conflicts had not been disclosed to his clients or that he simply disregarded whether they had been warned of the conflicts. The SEC ordered that Frishberg be permanently barred from associating with any broker, dealer, investment adviser, municipal securities dealer, or transfer agent.
On November 13, 2009, the SEC sued Frishberg for $10 million to force Frishberg to disgorge the monies he received from selling the worthless promissory notes used to purchase to purchase Houston station KTEK 1110 AM for $7.75 million. The SEC also sued Frishberg's partner, Albert Kaleta and Kaleta Capital Management, Inc. The SEC charged that Kaleta had used $1.5 million of the monies to pay personal debts. Former Sugar Land, Texas mayor David Wallace was an investor in the promissory notes. The SEC focused upon Frishberg to exact the whole amount of money that was fraudulently taken.
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