The founder and proprietor of the Parrish Group, an funding advisory agency in Washington, D.C., constantly misled potential purchasers in regards to the variety of managed belongings the agency held, the names of its purchasers, the quantity and names of its workers, and even whether or not it was registered with the Securities and Alternate Fee, in accordance with SEC expenses launched this week.
Daryl Davis based the Parrish Group in 2007, and whereas he held a FINRA Sequence 6 license till July 2003, he has not held any securities licenses since then. In a brochure the agency created to draw purchasers, the group claimed to handle greater than $1 billion in belongings, although it had by no means managed any vital belongings, the SEC asserted.
Davis additionally claimed the agency employed 14 folks, although at its peak the agency had solely two (together with Davis), the SEC says. The overview named three completely different individuals who purportedly held a number of high roles on the firm; not one of the three people crammed these or another roles on the agency. Lastly, Davis claimed that a “outstanding enterprise government, skilled athlete, pension and worker well being system” have been all Parrish Group purchasers; in accordance with the SEC, none of those folks or entities have been ever purchasers of the agency.
In January 2018, Davis reached out to knowledgeable athlete receiving non-advisory companies from the Parrish Group about opening an funding advisory account, in accordance with the SEC. The athlete reportedly requested Davis what registrations the group held, and Davis responded that the group was registered with the SEC as an funding advisor. The agency has not been registered with the SEC since 2008.
The Parrish Group has been censured, and Davis has been barred from the trade. They need to pay civil penalties of $184,767.
Post a Comment