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Assets of advisor Brian Callahan frozen by SEC

The SEC has frozen the assets of a New York investment advisor accused of defrauding investors in five offshore funds from whom he raised more than $74 million.  The SEC also alleges in a suit filed in Islip, N.Y., that the advisor used some of those funds, raised since 2005, to buy a $3.35 million beach resort on Long Island being developed by a relative.  The investment advisor, Brian Raymond Callahan of Old Westbury, N.Y., is disputing central allegations in the case.