'Money Guys' Firm Sues Maryland Securities Division

TOWSON, Md. (AP) -- A Towson financial services firm accused by Maryland Attorney General Brian Frosh of misleading clients has responded by filing a lawsuit that accuses Frosh's office of unconstitutionally depriving the firm of due process rights.

The lawsuit, filed Tuesday in Montgomery County Circuit Court, asks that a judge bar the Maryland Securities Division of Frosh's office from pursuing an order against Everest Wealth Management and Everest Investment Advisors.

In June, Frosh's office said it wanted to permanently bar "Money Guys" infomercial star Philippe Rousseaux from offering investment services in Maryland. Frosh said the firm's advertisements make unrealistic promises.

Rousseaux says in the lawsuit that he is on "unequal" footing and could be deprived of his livelihood.

Frosh spokesman David Nitkin says Rousseaux is receiving due process through an administrative hearing.

The companies are well known in the Baltimore area for their televised infomercial ads calling themselves "The Money Guys."

Some of these ads run on WJZ-TV and WJZ-FM also known as 105.7 The Fan.