SEC Charges San Diego Investment Adviser For Overstating the Value of Funds

Posted on July 25th, 2017 at 1:40 PM
SEC Charges San Diego Investment Adviser For Overstating the Value of Funds

From the Desk of Jim Eccleston at Eccleston Law LLC:

The SEC has charged Enviso Capital, LLC, and its principals, Ryan Bowers and Jeffrey LaBerge, with overstating the value of two of its private funds.

According to the SEC, Enviso served as the investment adviser for two private funds which held an interest in the non-publicly traded company, Blue Renewal Energy, LLC. (Bluefin).  According to the SEC’s Order, Enviso overvalued Bluefin in financial statements provided to the private funds’ investors. More specifically, Enviso unreasonably assumed that Bluefin would sell significant amounts of energy within 24 to 30 months, even though no financing for the project had been obtained, no construction had ever started, and Bluefin had no contracts with potential purchasers of energy. 

Without admitting or denying the findings in the SEC’s Order, Enviso, Ryan Bowers and Jeffrey LaBerge consented to the entry of the cease-and-desist order and agreed to pay civil penalties of $50,000 each.  In addition, Enviso agreed to a censure and Bowers and LaBerge agreed to be barred from the securities industry with the right to reapply for reentry after two years.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial advisors including Broker Litigation & ArbitrationStrategic Consulting ServicesRegulatory  MattersTransition Contract Review, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: Jim Eccleston, Eccleston Law, Eccleston Law LLC, Eccleston, SEC

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