Skip to content
The DI Wire
Click Here to Subscribe to Our Free Daily News Updates

SEC Obtains Final Judgement Against Arizona Man for Defrauding Elderly Investors

Washington DC, USA - January 13, 2018: US United States Securities and Exchange Commission SEC entrance architecture modern building sign, logo, american flag, looking up sky, glass windows reflection

The U.S. District Court for the District of Arizona entered final judgment against Conrad Coggeshall in a previously filed Securities and Exchange Commission case that alleged Coggeshall fraudulently raised $700,000 from elderly investors.

According to the complaint, Coggeshall told investors they were investing in Business Owners Tax Relief LLC, a purportedly successful mergers and acquisitions firm based in New York, when he actually deposited investors’ funds into brokerage and bank accounts for an Arizona company he owns with the same name. He then used investor funds to trade securities, incurring significant losses, pay personal expenses and make payments to investors which he falsely represented were interest payments.

According to BrokerCheck, Coggeshall worked at Cetera Advisor Networks LLC from 2002 to 2013 before moving to USA Financial Securities Corp. for a year. Coggeshall worked at Packerland Brokerage Services Inc. for two years before working independently. The Financial Industry Regulatory Authority barred Coggeshall in 2020.

The final judgment orders him to pay a civil penalty of $385,536 and found Coggeshall liable for disgorgement of $592,546, plus $100,299 in prejudgment interest, but deemed the disgorgement and prejudgment interest satisfied by the judgment of default entered against Coggeshall and Business Owners Tax Relief LLC by the Arizona Corporation Commission. At the SEC’s request, the court also dismissed with prejudice the SEC’s claims against relief defendant Business Owners Tax Relief LLC.

The court had previously entered judgments by consent against Coggeshall and Business Owners Tax Relief LLC which ordered that Coggeshall, and the company pay disgorgement and prejudgment interest, and that Coggeshall pay a civil penalty, in amounts to be determined by the court upon motion of the SEC. Coggeshall and the company consented to these judgments without admitting or denying the allegations in the complaint.

Click here to visit The DI Wire directory page.