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Perp Walk – Andrew Petrofsky

August 8, 2010

Perp: Andrew Petrofsky

Position: Accountant, Investment Adviser

Place of Employment: Professional Asset Strategies, LLC

Date: July 22, 2010

Mischief: Petrofsky used his position at Professional Asset Strategies, LLC to steal money from client accounts he managed. He used unauthorized wire transfers and forged checks to steal money from his clients. He also attempted to conceal his theft by redirecting client account statements to his home, altered the statements to disguise withdrawals, and sent the altered statements to clients.

Prison Time: 44 months in a federal penitentiary, plus 36 months of supervised release following release from prison.

Restitution: $765,651.

Judgment of Conviction: United States v. Andrew D. Petrofsky, No. 2:09-cr-00435-LSC-HGD, United States District Court for the Northern District of Alabama. Guilt on one count of wire fraud and one count of forged security.

SEC Administrative Sanctions: Suspension from appearing or practicing before the Commission and a bar from association with any investment adviser.

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