SEC bars ex-compliance officer of Idaho RIA over wire fraud

The Securities and Exchange Commission has barred Cameron High, the former chief compliance officer of Yellowstone Partners, a defunct RIA firm in Idaho Falls, Ida., for his participation in a scheme to defraud clients. [Recommended video: Social Security COLA not great news for 2020, says Mary Beth Franklin] The Commission's complaint alleged that from 2008 through June 30, 2017, Mr. High took part in a scheme led by Yellowstone CEO David Hansen that defrauded clients "by engaging in fraudulent, deceptive, and manipulative transactions and practices." It said that the scheme intentionally or recklessly overbilled clients in excess of $11 million and misrepresented the nature of overbillings by sending clients statements that represented the overbilled charges as fees. [More:​ See more adviser moves in InvestmentNews' Advisers on the Move database.] On March 14, 2018, Mr. High pleaded guilty to one count of wire fraud and is expected to be sentenced sometime after December. In November 2018, Mr. Hansen was indicted on 17 counts of wire fraud and six counts of tax fraud.