ALBANY, N.Y. - A local investment adviser is being accused of robbing his clients of $8.8 million.
The U.S. Securities and Exchange Commission says Scott Valente lied to clients about the the success of their investments, while allegedly stealing their money to pay for jewelry, vacations and other personal expenses.
Valente runs an investment firm called ELIV Group, which has an office on Wolf Road in Colonie.
Authorities say Valente started the company after he was barred from the industry in 2009. As many as 80 investors are affected.