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.
Plus, a $400 million Commonwealth team departs to launch an independent family-run RIA in the East Bay area.
The collaboration will focus initially on strategies within collective investment trusts in DC plans, with plans to expand to other retirement-focused private investment solutions.
“I respectfully request that all recruiters for other BDs discontinue their efforts to contact me," writes Thomas Bartholomew.
Wealth tech veteran Aaron Klein speaks out against the "misery" of client meetings, why advisors' communication skills don't always help, and AI's potential to make bad meetings "100 times better."
The proposed $120 million settlement would close the book on a legal challenge alleging the Wall Street banks failed to disclose crucial conflicts of interest to investors.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
