An Ohio investment manager is in trouble with the Securities and Exchange Commission for the second time in three years.

First, he was accused of defrauding clients and was ordered to give up his ill-gotten gains.

Then, in a case filed Wednesday, he was accused of paying the SEC using $632,000 taken from a client.

That’s not all.

The SEC says Robert Pinkas, 58, of Shaker Heights, Ohio, misappropriated $173,000 of client money to pay his legal expenses from the earlier case. Pinkas also violated an order from the earlier case restricting his work in the investment business, the SEC says.

The SEC filed an administrative action against Pinkas Wednesday accusing him of willfully violating the law.

Pinkas denies that he did anything wrong but is not in a position to address the allegations because he is hospitalized and seriously ill, said his lawyer, Stephen G. Sozio.

“He is disappointed that the SEC chose to proceed with this action,” Sozio said.

Pinkas, identified in the earlier case as having headed Brantley Capital Management, settled that action in 2010 without admitting or denying wrongdoing.

A biography on the web site of Brantley Partners says he previously worked at the consulting firm McKinsey & Co. as a turnaround consultant and strategist for industrial firms and as a lawyer with an emphasis on corporate finance at Simpson Thacher & Bartlett, which is a prestigious corporate law firm. The bio says he holds degrees from Harvard and the University of Pennsylvania.

In the first case, the SEC alleged that Pinkas and Brantley Capital Management overstated the value of assets they managed to generate higher fees.