The Agency frequently brings accomplishments in which the actor is answerable with misappropriating agent funds. Typically those cases centermost on an alms artifice in which the actor awash investors balance application apocryphal statements to defended the advance funds which were afresh absent to the claimed use of the defendant. The Commission’s best contempo confiscation case does absorb a agent and the annexation of agent funds. In this instance, however, there was no offering. Rather, a registered adumbrative facilitated the auction of a aggregation to a friend, was paid a fee for his casework and afresh helped himself to the agent money in the accumulated alimony plan. SEC v. Jumper, Civil Activity No. 18-cv-02259 (W.D. Tenn. Filed Apr. 17, 2018).
Defendant John Jumper was the CEO of, and a registered adumbrative at, his wholly-owned broker-dealer, Alluvion Securities. He was additionally the President and an advance adviser adumbrative of Alluvion Investments. The firms were amid in the Memphis, Tennessee area.
In 2006 Mr. Jumper was retained to abetment with the auction of Snow Shoe Refractories LLC, a adverse articles accomplish based in Clarence, Pennsylvania. Mr. Jumper marketed the close to an associate residing in Sarasota, Florida. The transaction took abode in February 2007 at a acquirement amount of $8.2 million. Mr. Jumper was paid a $250,000 commission.
As allotment of the transaction New Owner affected albatross for the administering of the Snow Shoe Alimony Plan. It has assets of about $8.3 million, captivated at a bounded bank. The plan was underfunded by about $1.8 million.
Despite never captivation a position at Snow Shoe, or accepting any ascendancy over the aggregation or its alimony plan, anon afterwards the accord closing, Mr. Jumper began accomplishment a alternation of abstracts apropos the alimony plan. He acclimated those abstracts to move the alimony plan assets to a altered banking institution.
Eight years later, in 2015, Mr. Jumper offered to accommodate costs for a accord involving a accumulation of his business assembly who were gluttonous to access American Tubing Arkansas, LLC. Application artificial abstracts he took $3 actor from the Snow Shoe alimony plan and fabricated it accessible to the accumulation to accounts the deal. In acknowledgment the accretion accumulation accomplished a 10 year promissory agenda at 8% in favor of the alimony fund. Mr. Jumper had a fee paid to his broker-dealer of 3% of the transaction amount or about $540,000 and an advancing $40,000 account “monitoring fee.”
Later in 2015 Mr. Jumper took addition $2 actor from the alimony fund, afresh application artificial documents. This time he accomplished abstracts authoritative him a “successor trustee” to a new assurance he created alleged AIF II. The funds were transferred to this entity. The alimony plan was provided a agenda for deferred 8% absorption per annum for ten years.
In aboriginal 2016 the Snow Shoe Alimony Plan actuary told New Owner that a absolute of $5 actor had been transferred out of the plan by Mr. Jumper. When asked about the affairs by New Owner, Mr. Jumper discussed the promissory addendum after advertence the artificial documents. Two canicule after Mr. Jumper ordered the alteration of an added $700,000 to AIF II in barter for addition note. It does not arise that the absorption has been paid on either AFI II note. The complaint alleges as to Mr. Jumper violations of Barter Act area 10(b) and Balance Act sections 17(a)(1) and (2). A affirmation was additionally asserted adjoin assertive abatement Defendants affiliated with Mr. Jumper area portions of the funds had been transferred. The activity is pending. See Lit. Rel. No. 24116 (April 18, 2018). A alongside bent activity was filed by the U.S. Attorney’s Office for the Middle District of Pennsylvania.
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