7.1.2009 The SEC charged Omaha, Nebraska investment adviser Envision Investment Advisors, LLC (Envision), and its principal Ryan M. Jindra, with misappropriating nearly $775,000 of client assets. According to the SEC, between at least August 2008 and April 2009, Envision fraudulently deducted fees from numerous client accounts. The SEC alleges that Jindra used the misappropriated funds for himself and to operate Envision, which is in perilous financial condition. The SEC also alleges that Jindra destroyed documents, including emails, in an attempt to hide his actions. Because Jindra and Envision have discretionary authority with respect to millions of dollars of client assets, the SEC sought and obtained a temporary restraining order and an emergency court order freezing the assets of Jindra, Envision, and Envision Financial Group, Inc., Envision’s parent company, which received some of the client funds. Additionally, the court ordered a full accounting, expedited discovery, and the prevention of any further destruction or alteration of documents.
Click http://www.sec.gov/litigation/litreleases/2009/lr21113.htm to access the SEC litigation release.