Litigation Release Number 25622/January 24, 2023
Anthony B. Liddle Securities and Exchange Commission No. 3:23-cv-00054 (W.D. WI. (January 24, 2023)
The Securities and Exchange Commission (SEC) has filed a litigation against Anthony B. Liddle. He is a Wausau resident. Liddle has been charged with defrauding 13 clients of an investment advisory firm out of $1.9 million.
Liddle, acting as an adviser to investors, deceived his clients, including many seniors, through fabrication of documents and false statements, according to the SEC complaint. He claimed falsely that the portfolios of his clients were too risky, and they needed to be changed with less-risky securities. The supposedly riskier securities are not what they appear to be. “less risky” Securities were high-risk and frequently unavailable. Liddle asked clients to send money to his investment company. He misappropriated funds and did not invest on their behalf. Liddle used the funds from his defrauded clients to fabricate statements and make fake investment payments.
Liddle was accused of several antifraud provisions in the SEC complaint, which was filed in federal district court in Wisconsin’s Western District. This includes Section 17(a), Section 10 (b), Securities Exchange Act of 1933 and Rule 10b-5. Liddle has also been charged with violating Sections 206(1) & (2) of Investment Advisers Act 1940. The SEC seeks injunctive remedies, disgorgement plus prejudgment, civil penalties, and an order prohibiting Liddle from serving as an officer of director for a publicly traded company.
Matthew T. Wissa is leading the investigation for SEC. Scott J. Hlavacek and Angela D. Dodd are also involved. Amy S. Cotter from the Chicago Regional Office has been in charge of overseeing the investigation. The litigation will fall under the purview of Ms. Cotter & Mr. Wissa.
The SEC would like to thank the Wisconsin Department of Financial Institutions – Division of Securities as well as the Wisconsin Office of the Commissioner of Insurance.
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SEC
Securities and Exchange Commission is the regulatory agency that enforces and oversees securities laws in the United States. Its main role is to protect and promote investors, ensure fair and efficient markets and encourage capital formation.
The SEC is responsible for a number of things, including registering and regulating securities offerings, brokers-dealers and investment advisors. It oversees securities exchanges, self-regulatory bodies and other organizations. By requiring periodic reports, the agency ensures companies are providing accurate and timely information for investors.
The SEC also investigates and prosecutes violations of securities law and fraud. It can bring civil enforcement action, impose sanctions and seek disgorgement. The SEC is also crucial in enforcing the insider trading laws and preventing manipulation of markets.
The agency promotes transparency and fairness on the financial markets to allow investors to make informed choices. The agency provides information and education to the public on investment opportunities and risks. The SEC constantly monitors the market and adapts regulations to protect investors and address new issues.
Overall, the Securities and Exchange Commission has a crucial role to play in regulating and supervising the securities market, with the aim of maintaining the integrity and the stability of U.S. financial marketplaces.
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