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SEC Order Issued Against Former Broker Patricia Miller

Former broker Patricia Miller, who was arrested on charges related to a Ponzi scheme, has been issued an SEC Order instituting administrative proceedings in pursuant to Section 203(f) of the Investment Advisers Act of 1940 and Section 15(b) of the Securities Exchange Act of 1934. Miller has submitted an Offer of Settlement and the SEC has accepted the sanctions imposed. The sanctions include the following:

  • Pursuant to Section 203(f) of the Advisers Act and Section 15(b)(6), Miller is barred from associating in any capacity with brokers, investment advisers, dealers, municipal securities dealers, transfer agents, municipal advisor, or any nationally recognized statistical rating organization.
  • Pursuant to Section 15(b)(6) of the Exchange Act, Miller is prohibited from offering penny stocks in any capacity such as a finder, agent, consultant, promoter, or other person who may engage with a broker, issuer, or dealer in order to issue or trade penny stocks, or inducing or attempting to induce penny stock transactions.

In December of 2014, Miller pled guilty to five counts of wire fraud connected to the alleged Ponzi scheme she operated from July 2010 until May 2014 while serving as a registered representative with Investors Capital Corp. Prior to this time, she was affiliated with Janney Montgomery Scott from 1996 through 2010.

On May 19, 2014, one of Miller’s clients made allegations against Miller, reporting to Investors Capital that the broker had misappropriated funds from the client’s account. Our securities fraud attorneys teamed up with Rosen, Louik & Perry, P.C., a Pittsburgh-based firm, to help victims of this alleged Ponzi scheme recover their losses. It was discovered in documents provided to our firm that Miller allegedly used multiple entities in order to defraud her clients, including KS Investments, K Squared Development, KS Investment Partnership, K Squared Investments, Buck Harbor Investment Club, Buck Harbor Investment Partnership, and Buck Harbor Investments.

In our blog on May 29, 2014, we discussed how the Ponzi scheme may have affected dozens of investors and resulted in millions of dollars in losses. To learn more about the case, you can read all of our information on Patricia Miller here.

Miller is currently incarcerated in an Alderson, West Virginia federal prison where she is serving a 72-month prison sentence. She will then have three years of supervised release. The sentence also imposed a forfeiture of the $2.5 million which was obtained as a result of the fraud.

If you have been defrauded by Patricia Miller and have yet to file a claim, contact our team at Meyer Wilson to schedule your free case evaluation today.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

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