On September 13, 2024, the SEC barred Ruben Cedrick Williams, of Nashville, Tennessee. He was CEO, CCO and co-owner of Vista Financial Advisors LLC. Williams was also a financial advisor from December 2021 through December 2023. The SEC alleges that Vista and Williams made material misrepresentations in the firm’s Form ADV filings. Last September, the SEC sued Williams and Vista Financial Advisors, alleging the two had violated industry rules by making these false claims and statements.
In April 2022, Williams and the firm stated on Vista’s Form ADV that Vista had $10 billion in client assets but failed to provide the SEC with evidence to corroborate this statement. Williams and Vista “ignored repeated requests” from SEC staff to substantiate, correct, or withdraw the statement regarding Vista’s assets, according to the SEC. In fact, the firm’s assets “did not remotely approach the $10 billion” in client assets.
Williams and Vista then “compounded the misrepresentation” by filing an updated Form ADV in 2023, stating the firm’s assets had grown to nearly $11.5 trillion. “To the extent that Vista had any [client assets], such assets did not remotely approach the $11.5 trillion stated in the 2023 Form ADV,” according to the SEC. The firm did not manage at least $25 million, according to the SEC.
Without admitting or denying the SEC Findings, Williams agreed to the entering of the SEC’s Order.
Harmed investors may call (954) 693-7577 or email [email protected] to discuss their legal options. All consultations are free and confidential. Most cases are handled on a contingency fee basis, meaning that clients are not obligated to pay attorney fees unless money is recovered on their behalf.
David A. Weintraub, P.A.
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