The Securities and Exchange Commission has charged former Minneapolis-area investment adviser Isaiah L. Goodman with defrauding 20 advisory clients out of approximately $2.25 million.
The agency is seeking injunctive relief, disgorgement with prejudgment interest and undisclosed civil penalties.
According to the SEC’s complaint, from at least September 2018 to November 2020, Goodman, doing business through Becoming Financial Advisory Services, falsely represented to his clients that he would invest their money in securities, including mutual funds and stocks for their retirement and investment accounts.
Instead, the SEC alleges that he used the money for his own personal and business expenses, including home renovation and building expenses, car payments and vacations.
According to the SEC, Goodman provided clients with fake account statements and computer screenshots purporting to show that their funds were appropriately invested and that their accounts had appreciated in value, and by making Ponzi-like payments to certain clients.
A happy coincidence: one of LPL Financial’s corporate campuses happens to be based in Rep.-elect Wes Climer’s new district.
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