Action against Defendant, a former director of a broker-dealer and investment adviser, for alleged fraud.  According to the SEC, Defendant and his associate perpetrated a complex fraudulent scheme in which they gained control of certain investment advisers, used the funds managed by the advisers to buy Native American tribal bonds, and misappropriated the proceeds of the bond sales from the tribe.  The SEC also alleges that Defendant and his associate acquired and misappropriated funds from several insurance or insurance-holding companies.  The SEC charged Defendant’s associate and seven other individuals in a related 2016 action.

SEC Complaint

SEC Litigation Release

SEC Press Release