The Securities and Exchange Commission has filed an emergency action against Florida-based investment adviser Coral Gables Asset Management and its sole owner, David C. Coggins, in connection with an alleged fraudulent offering.
A U.S. District Court in Florida granted the SEC's request for emergency relief, including an asset freeze and an order for records preservation, against Coggins and Coral Gables, as well as two entities charged by the SEC as relief defendants — Coral Gables Asset Holdings and its successor entity, Coral Gables Capital.
According to the SEC's complaint, Coral Gables and Coggins solicited investors for a private fund they managed by misrepresenting the fund's past performance, the amount of assets they were managing and Coggins' experience as a portfolio manager.
The complaint alleges that one document Coggins provided to investors and potential investors showed 37 months of positive monthly performance when in approximately 26 months during the specified timeframe, the fund had posted a negative performance.
The complaint further alleges that Coral Gables and Coggins falsified brokerage records and investor account statements and created and sent fake audit opinions to investors and third parties.
According to the complaint, Coggins misappropriated investor funds for personal use, including a luxury vehicle and travel.
The SEC is seeking injunctions, disgorgement of allegedly ill-gotten gains with prejudgment interest, and financial penalties against the defendants.
Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.
Paul Atkins has asked staff to solicit public comment on novel ETFs, pausing the clock on as many as 24 filings linked to the booming event contracts market.
From 401(k)s to retail funds, Deloitte sees private equity and credit crossing into mainstream investing on two fronts at once.
Big-name defections from Morgan Stanley, UBS, and Merrill Lynch headline a busy two weeks of recruiting for the wirehouse.
Markets have always been unpredictable. What has changed is the amount of information investors are trying to process and the growing role advisors play in helping clients avoid emotional decisions
Wellington explores how multi strategy hedge funds may enhance diversification
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
