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August 09, 2017 at 08:26 AM
The Securities and Exchange Commission has instituted enforcement proceedings against an advisor that it says falsely claimed he was eligible for SEC registration and also solicited clients using false Form ADVs.
According to the SEC’s cease-and-desist order against Robert Wilson and his firm Black Diamond Asset Management, Wilson initially registered by claiming that Black Diamond had more than $583 million in assets under management and at least 26 discretionary accounts, but a year later changed the firm’s Form ADV to claim eligibility as a midsize advisor with $25 million to $100 million in AUM domiciled in New York and/or Wyoming.
The SEC, however, maintains that the advisor never had any clients or assets under management.
“In reality, Black Diamond has never obtained any advisory clients, has never held any assets under management, and has never met the minimum requirements for investment adviser registration with the Commission,” the SEC order states.
