Cary investment adviser misled on its abilities, SEC alleges

An investment company based in Cary told potential clients it had the ability to do algorithmic currency trading when it did not, according to new charges from the Securities and Exchange Commission.

Chariot Advisors LLC and principal Elliott L. Shifman allegedly misled the board of directors for an investment fund about its abilities to try to get a contract approved in 2008 and 2009. Chariot did not have any algorithms it used for currency trading. It used an individual trader.

A hearing will be held to determine if the charges are true and if any punishment is warranted.