The Securities and Exchange Commission (SEC) charged Seattle-based investment advisor Dennis H. Daugs Jr. of Lakeside Capital Management LLC with fraudulently misusing client assets to make loans to himself, which he used to buy a ski home and a vintage car, and to settle with other disgruntled clients. Lakeside Capital and Daugs have agreed to pay $340,000 in disgorgement and prejudgment interest to make up for the benefits he got in misusing those funds plus a $250,000 penalty, Daugs is barred from the securities industry for five years, and an independent manager will be brought in to wind down Lakeside Capital.
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