The US Securities and Exchange Commission has obtained a court order freezing the assets of Wealth Management, a Wisconsin-based investment advisory firm.

The SEC is looking into alleged kickbacks and other fraudulent conduct involving the firm’s founder, chief executive officer and majority owner James Putman and Simone Fevola, former president and chief investment officer.

They are alleged  to have received $1.24 million from investments made through unregistered investment pools, according to the SEC complaint filed in the US District Court of the Eastern District of Wisconsin in Green Bay.

The complaint states Wealth Management, Mr Putman and Mr Fevola got clients to invest in investment pools from May 2003 to August 2008. The pools contain around  $102 million, although the SEC believes the value of the investments may have been overstated.