SEC v. Eric McKenzie Cobb

Eric Cobb allegedly engaged in a fraudulent scheme where he allocated profitable securities trades to favored accounts and unprofitable trades to disfavored clients, a practice known as cherry-picking, while he was a representative of investment adviser SeaCrest Wealth Management, Inc. According to the SEC’s complaint against Cobb, from at least June 2019 to mid-April 2022, Cobb allegedly disproportionately allocated profitable trades to his personal and wife’s accounts, and unprofitable trades to the accounts of his other clients. The SEC’s complaint also alleges that Cobb routinely placed clients in highly volatile and risky investments that were inconsistent with their investment profiles.

Summary generated from official Securities and Exchange Commission press release