SEC v. Parker Terrill Austin and Embarcadero Capital Advisors, Inc.

Parker Terrill Austin and Embarcadero Capital Advisors, Inc. allegedly engaged in fraud related to Austin's efforts to obtain clients for Embarcadero. According to the SEC’s complaint, Austin sent nonpublic personal information belonging to his then-employer’s clients to his personal email. The complaint also contends that Austin breached his fiduciary duty to a client by placing the client in investments that were contrary to the client’s instructions. Austin allegedly engaged in a scheme to fraudulently induce clients to join Embarcadero, misrepresenting Austin’s disciplinary history and termination at his prior firm on Embarcadero’s website and other publicly available informational brochures.

Summary generated from official Securities and Exchange Commission press release