The Securities and Exchange Commission obtained an emergency court order freezing the assets of Ron Harrison, who runs Global Trading Institute in Ladera Ranch, California, along with the assets of the institute and of Harrison's girlfriend, for allegedly carrying out an ongoing investment advisory fraud.
According to the SEC's complaint, Harrison fraudulently charged 22 clients more than $900,000 in fees since 2016 based on the gains he made trading options in their brokerage accounts, when in fact almost all of the clients suffered substantial losses.
The complaint also alleges that Harrison failed to disclose to clients that the Financial Industry Regulatory Authority Inc. had barred him from the securities industry.
The complaint also named Global Trading Institute as a defendant for allegedly participating in Harrison's fraud and named his girlfriend, Irina Parfyonova, as a relief defendant for allegedly having received more than $279,000 in proceeds from the fraud from Harrison.
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