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The Boston Globe


Former investment adviser must pay $7.2m

The Securities and Exchange Commission this week ordered former Chelsea Planning Committee member and investment adviser Gary J. Martel to pay $7.2 million in restitution and penalties for taking money from clients and never investing it as promised.

Martel, 55, pled guilty last month to criminal wire and mail fraud charges in federal court in Boston. The US attorney’s office said in court documents that from 2004 to 2012 Martel received $5.4 million from investors and paid back only $2.1 million, keeping $3.3 million for himself. His sentencing is scheduled for March; he faces up to five years in prison and a $250 million fine.

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