The wealth advisor was found to have stolen from his clients to pay for his own mortgage, vacations and two luxury automobiles.

The Securities and Exchange Commission charged a Los Angeles-based wealth advisory firm and its owner with fraudulently overbilling clients and stealing assets from their trusts.

Marc Broidy and his company, Broidy Wealth Advisors, obtained more than $1.4 million in illicit gains since early 2011. These were used to pay personal expenses such as his home mortgage, overseas trips and leases on two Mercedes-Benz automobiles, the SEC said in a statement.

The wealth management advisor, who according to his LinkedIn profile previously held roles at the Bank of America and Smith Barney, collected around $643,000 in excess fees and masked the corruption by altering the amount of management fees recorded on forms issued by brokerage firms before sending them to his clients.

The SEC added that Broidy illegally obtained additional funds to pay for his personal expenses, misappropriating around $865,000 in assets from clients’ trust funds.

According to the regulator, he also misled his clients about several investments they made in privately held companies by failing to mention he was affiliated with them.

“As alleged in our complaint, Broidy fell well short of his fiduciary obligations as an investment advisor by misappropriating money and failing to disclose important conflicts of interest to his clients,” said Andrew Calamari, director of the SEC’s New York regional office.

The SEC seeks permanent injunctions and penalties against Broidy and his firm, as well as an officer-and-director ban.