US SEC charges financial planner with TARP fraud

WASHINGTON, Jan 28 (Reuters) - The U.S. Securities and Exchange Commission on Wednesday charged a Tennessee financial planner with fraud related to the U.S. government's Troubled Asset Relief Program (TARP).

The SEC said Gordon Grigg and his firm ProTrust Management defrauded clients out of at least $6.5 million by telling them their money was invested in the federal TARP bailout program and other securities that do not exist.

The agency is seeking an asset freeze and financial penalties against Grigg and his firm. (Reporting by Karey Wutkowski; Editing by Tim Dobbyn)