Investment Adviser Liable for $26 Million in Loan Scheme Case

The SEC’s case against a Pennsylvania investment adviser who allegedly bilked both clients and lenders has concluded with a nearly $26 million judgment.

The disgorgement and interest here are deemed satisfied by restitution and forfeiture—amounting to about $82 million—ordered in Joshua Coleman’s criminal proceedings, the US District Court for the Eastern District of Pennsylvania said May 1. Coleman is currently serving a four-year sentence after pleading guilty to four counts of wire fraud.

• The Securities and Exchange Commission alleged Coleman pledged his clients’ assets as collateral for a $160 million personal loan and later tricked lenders into giving him additional ...