TOWSON, Md. (AP)- Maryland Attorney General Brian Frosh is seeking to put investment adviser Philippe Rousseaux and his Towson firms out of business.
Frosh announced Thursday that he wants to prevent Rousseaux, who owns Everest Wealth Management and Everest Investment Advisors, from offering investment services in the state.
Frosh's office says the companies are well known in Baltimore for their televised infomercials promoting Rousseaux and his team as "The Money Guys."
Frosh says the advertisements make unrealistic promises of guaranteed returns and limited risk.
Frosh also says Rousseaux's companies have committed multiple violations of Maryland securities laws.
Russell Duncan, an attorney for the Everest firms and Rousseaux, says his clients will contest the allegations. Duncan says that Rousseaux is fully compliant with the rules.