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



Fantastic news!!!!  Your professionalism, support and expertise were greatly appreciated.  You made a difficult situation much more bearable.

Marci M.


September 29, 2023
Traders Engage in Boom-or-Bust Options in Stock Market

The stock options market is experiencing a surge in activity, as many individual investors are eagerly engaging in trades that expire within hours or days to take advantage of the volatile market swings.

September 28, 2023
Former LPL Affiliate Compliance Chief Suspended by FINRA for Unauthorized $1 Million Transfer

The Financial Industry Regulatory Authority (FINRA) fined and suspended Jeffrey K. Kirkpatrick, a former chief compliance officer at a registered investment advisor previously affiliated with LPL.

September 27, 2023
Former Creative Planning Staff File Lawsuit Challenging Non-Compete Agreements

Four former employees of Creative Planning have filed a lawsuit, alleging that their non-compete agreements with the firm unlawfully restrict their ability to work in the industry.