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.
Former Northwestern Mutual advisors join firm for independence.
Executives from LPL Financial, Cresset Partners hired for key roles.
Geopolitical tension has been managed well by the markets.
December cut is still a possiblity.
Canada, China among nations to react to president-elect's comments.
Streamline your outreach with Aidentified's AI-driven solutions
This season’s market volatility: Positioning for rate relief, income growth and the AI rebound
