12.24.2009 The Securities and Exchange Commission (SEC) announced that investment adviser (IA) Julie M. Jarvis, of Columbus, Ohio, and her financial advisory firm, Crossroads Financial Planning, Inc., have agreed to settle the SEC’s pending civil action against them. The SEC alleges that Jarvis misappropriated at least $2.3 million from two elderly clients between June 2000 and March 2009. Evidence obtained during the SEC’s ongoing litigation allegedly revealed additional misappropriations by Jarvis in the amount of approximately $360,000.
Under the settlement, Jarvis and Crossroads admitted to the allegations in the SEC’s complaint and consented to the entry of permanent injunctions against each of them. The proposed settlements are subject to the court’s approval.
In a related criminal proceeding, on October 14, 2009, the U.S. District Court for the Southern District of Ohio sentenced Jarvis to 66 months incarceration based upon her plea of guilty to criminal charges stemming from the same conduct alleged in the SEC’s complaint. The court also ordered her to pay restitution in the amount of $2,663,681.44.
Click http://www.sec.gov/litigation/litreleases/2009/lr21352.htm to access the release.