On March 2, the Securities and Exchange Commission (“SEC”) files a case against a former registered investment adviser, Envision Direct L.L.C. (“Envision”), and its owner Gary R. Headding (“Headding,” and together with Envision, “Defendants”). The SEC alleged that the Defendants committed fraud when they withdrew unauthorized advisory fees of nearly $50,000 from three clients and stole approximately $274,000 from two of these clients. In addition, the SEC alleged that the Defendants violated books and records rules applicable to investment advisers. The SEC is seeking permanent injunctions, disgorgement with prejudgment interest, and civil penalties against Defendants.
Contact Jeffrey Wittenberg at 877-352-2010 if you have questions about this SEC action.