SEC Obtains Final Judgement Against Indianapolis-Based Advisor Over Allegations Of Fraud

Posted on February 16th, 2022 at 12:04 PM
SEC Obtains Final Judgement Against Indianapolis-Based Advisor Over Allegations Of Fraud

From the Desk of Jim Eccleston at Eccleston Law:

The U.S. District Court for the Southern District of Indiana has entered a final consent judgement against an Indianapolis-based advisor, George Blankenbaker, and three of his entities who previously were charged with defrauding at least 100 investors out of at least $8 million.


The Securities and Exchange Commission (SEC) filed a complaint in March 2021 naming Blankenbaker and his entities, StarGrower Commercial Bridge Loan Fund 1 LLC, StarGrower Asset Management LLC, and Blankenbaker Investments Fund 17 LLC. The SEC alleged that Blankenbaker falsely informed investors between August 2016 and May 2019 that their money would be used to fund short-term loans to food exporters in Asia. Blankenbaker additionally informed clients that the purported investments were secured by shipping containers holding the food products, according to the SEC.


The SEC’s complaint further alleges that Blankenbaker provided at least $4 million of investor funds to hemp companies, used nearly $965,000 to make Ponzi-style payments to earlier investors, and misappropriated at least $1.7 million to cover his own personal expenses. The SEC alleges that Blankenbaker’s fraud caused at least 100 investors, including numerous elderly clients, to lose at least $8.1 million.


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

 
 
 

Tags: eccleston, eccleston 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

September 5, 2025
Merrill Lynch Advisor Faces FINRA Disciplinary Action for Refusing to Cooperate with Investigation

The Financial Industry Regulatory Authority (FINRA) has initiated disciplinary proceedings against former Merrill Lynch broker Ali F. Chehab of Portland, Oregon. According to ThinkAdvisor, FINRA alleges that he refused to cooperate in an investigation into potential misconduct, including unauthorized trading and material misrepresentati...

September 4, 2025
Wells Fargo Ties $2,000 Bonus to Non-Solicitation Clause, Raising Advisor Concerns

Wells Fargo & Co. recently issued a $2,000 bank-wide award to its 215,000 employees, following the Federal Reserve’s June decision to lift its asset growth restrictions.

September 3, 2025
Kansas City Advisory Firms Agree to $25.5 Million Settlement Over No-Poach Allegations

Mariner Wealth Advisors, along with two other Kansas City-area firms, has agreed to a $25.5 million class action settlement over allegations that they illegally agreed not to solicit each other’s advisors.