SEC Files Fraud Charges Against Father and Son Financial Advisory Team for Misrepresentations and Impersonations

Litigation release No. Litigation Release No.

Securities and Exchange Commission V. Kevin J. Kane and Sean M. Kane No. 1:23-cv-00371 (M.D. Pa. filed March 1, 2023) 1, 2023)

The Securities and Exchange Commission has announced that they have filed fraud charges against Kevin Kane and Sean Kane. They are a father and his son team of financial advisors from York, Pennsylvania.

According to the SEC complaint, the Kanes’ previous employer was a dually registered investment advisor and broker-dealer. They were terminated for multiple violations of their firm’s policies. After they were terminated, the Kanes made false claims to some clients to try to convince them to work with them at a different firm. Falsely claiming that they left their previous firm voluntarily, they continued to deceive clients by implying that they still had access to their client’s accounts and were associated with the former employer. The Kanes impersonated some clients in order to further deceive clients by calling their former firm and executing transactions.

In its complaint filed before the federal district court of Pennsylvania, the SEC accuses the Kanes for violating Sections 206(1) & 206(2) Investment Advisers Act 1940. The SEC seeks civil penalties and injunctions.

Michael Cates was in charge of the SEC’s probe into this matter, while Ian Karpel, Nicholas Heinke and Jason Burt were supervising. Leslie Hughes will lead the litigation, with Gregory Kasper and Nicholas Heinke supervising.

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Securities and Exchange Commission, or SEC for short, is the regulatory agency of the United States. It oversees and enforces securities laws. The primary mission of the SEC is to protect investors and maintain fair, efficient, and transparent markets. These goals are achieved by the SEC by regulating securities firms, such as exchanges, investment advisors and brokers, and enforcing securities law to prevent fraud. SEC gives investors access to timely and accurate information so they can make informed investments. The SEC is a key player in the promotion of transparency, fairness and integrity on the U.S. Financial Markets.

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