SEC Charges Pennsylvania Investment Advisor With Operating Fraudulent Scheme

Posted on February 7th, 2023 at 1:48 PM
SEC Charges Pennsylvania Investment Advisor With Operating Fraudulent Scheme

From the Desk of Jim Eccleston at Eccleston Law.

The Securities and Exchange Commission (SEC) has charged a former investment advisor, Joshua Coleman, with allegedly operating a fraudulent scheme that generated nearly $200 million in ill-gained proceeds.

The former Pennsylvania-based advisor allegedly entered into six successive loan transactions and subsequently siphoned the proceeds for his personal use between December 2018 and June 2022, according to the SEC. The SEC accuses Coleman of a host of violations, including forging signatures on loan documents, misrepresenting information to clients, and fabricating emails, bank statements, and other documents. According to the SEC’s complaint, Coleman obtained the six loans by pledging $160 million in client assets as collateral, which was partially retrieved when Coleman defaulted.

Coleman subsequently obtained additional loans by pledging his own securities as collateral and misleading new lenders regarding the purpose of the loans in an effort to repay earlier investors. Coleman has defaulted on the additional loans and owes over $50 million in proceeds, according to the SEC. Coleman has agreed to the entry of a judgement, which imposes a permanent injunction, without admitting or denying any of the SEC’s investigatory findings.

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, advisors, law, sec

Return to Archive

TESTIMONIALS

Previous
Next

I want to extend a tremendous thank you for your dedication, professionalism, hard work and patient demeanor through this challenging time. It was enjoyable interacting with everyone on your team, this certainly helped while dealing with the situation and working towards resolution.

Dan M.

LATEST NEWS AND ARTICLES

October 29, 2025
FINRA Foundation Study Reveals Alarming Investor Susceptibility to Fraudulent Offers

The FINRA Investor Education Foundation (FINRA Foundation) has released preliminary findings from its upcoming report, Investors in the United States: A Report of the National Financial Capability Study.

October 28, 2025
UBS Seeks Court Order Against $1.4 Billion Florida Advisory Team Over Client Solicitation Allegations

UBS Wealth Management USA has filed a lawsuit and requested a temporary restraining order (TRO) against a $1.4 billion advisory team that recently departed to join Elevation Point, a West Palm Beach-based registered investment advisor launched just 15 months ago.

October 27, 2025
FINRA Panel Orders Charles Schwab to Pay Damages Over Structured Product Losses Sold by Vora Wealth Management

A three-person FINRA arbitration panel ordered Charles Schwab & Co. to pay $165,440 in compensatory damages to a former client of Vora Wealth Management, after losses tied to complex structured products.