Ponzi Scheme Fund Of Funds Exec. Slapped With Ban

Sep 27 2011 | 12:25pm ET

A former fund of hedge funds executive has been barred from the financial services industry for her alleged role in a $4.7 million Ponzi scheme.

The Securities and Exchange Commission issued the ban against Janis Barzuk earlier this month. She was controller of West End Financial Advisors, whose CEO was arrested in January 2010, accused of using phony property deals to rip investors off.

According to the SEC, Barzuk—who was sued by the SEC in January alongside CEO William Landberg, chief operating officer Kevin Kramer and CFO Steven Gould—aided and abetted West End's fraud and that of affiliate Sentinel Investment Management. The four defendants are currently waiting for a proposed settlement to win the approval of the SEC and the courts.

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