Gig Harbor financial advisor fined, barred by SEC
A Gig Harbor financial advisor has been penalized by the federal Securities and Exchange Commission for failing to disclose his financial interest in a firm selling chancy securities he had urged clients to buy. The firm, Aequitas Commercial Finance, collapsed spectacularly in 2016, leaving customers owed millions.
In a settlement announced this week, Gary Price, 50, principal of Genesis Capital LLC of Gig Harbor, agreed to pay $142,000 in penalties and be barred for a year from engaging in any investment or securities dealings.
The SEC said Price had failed to inform investors that he had “significant financial ties” to Aequitas, a Lake Oswego, Ore., firm also known as AFC.
Between 2013 and 2016, the SEC said, Price’s customers put at least $8 million of their money into various Aequitas investments, according to The Oregonian.
What Price did not tell his customers, investigators said, was that he held ownership stakes in two Aequitas-affiliated businesses that together received $3.6 million in loans and a $10 million line of credit from AFC.
Read more: https://www-1.thenewstribune.com/news/local/community/gateway/article233583447.html
(Tacoma News Tribune)
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