The Securities and Exchange Commission announced that they have accepted an offer of settlement from former advisor Ryan R. Riley.
As The DI Wire previously reported in March 2023, the SEC charged Riley with defrauding about a dozen individuals, including his advisory clients and other investors of more than $480,000.
The SEC’s complaint alleges that, from at least January 2014 through September 2019, Riley, of Leesburg, Virginia, solicited advisory clients and other individuals to invest in securities issued by his companies, Green Light Energy LLC and Mustang Resources Inc. According to the SEC, Riley misappropriated the funds, using some for personal expenses and losing the majority through risky day trading.
Riley claimed that he would use their funds to acquire, develop and operate oil and gas drilling projects in Texas. While he has not been licensed with a securities firm since 2010, Riley was previously associated with Viewpoint Securities, GunnAllen Financial, Sentra Securities, UBS and Smith Barney.
As a result of Riley’s settlement with the SEC, he has been barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent or nationally recognized statistical rating organization.
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