Billionaire investor Roth is saying he’s done with the company he co-founded and invested in that was accused of fraud and abuse.
Robert Roth, who co-owned the investment fund Infinity Wealth Management, announced Thursday he is stepping down as chief executive officer and will leave the reins of the company that he cofounded and has since invested in.
He said he plans to remain involved in investing and has said he will no longer be the sole or managing investor in the company.
He also said he’s ending his role as the chairman of the investment advisory board at his firm.
The announcement came after he was indicted in July for allegedly making fraudulent statements and misrepresentations to the Securities and Exchange Commission, which has charged the billionaire with violating federal law against making false statements to investors.
In his resignation letter, Roth said he is not resigning from Infinity, but that the company has decided to remove his name from the company’s list of investors.
He added that he was not charged with any criminal wrongdoing.
A spokesman for the U.S. attorney’s office in New York declined to comment on the investigation.
Roth said in a statement that he has “never been charged with, nor have I ever been accused of, committing a crime.
I have no intention of relinquishing control over Infinity, nor will I do so.”
Roth has been in talks with Infinity about a deal to buy the business, which he owns.
But he said he was “in no hurry” to do so.
In July, Infinity filed for bankruptcy protection after it was accused by federal prosecutors of committing fraud, making false promises and misrepresenting its financial statements.
Infinity’s bankruptcy court filings listed a $3.6 billion debt and $9.3 billion in assets.
Roths court filings also said that in a 2011 conference call, Infinity representatives said the company had $8 billion in total assets and a $5 billion cash position.