SEC v. James R. Harrold; Franklin Management and Consulting, LLC; Accipter, LLC; Franklin Asset Management and Consulting, LLC; Franklin Management and Consulting, Inc.; and Concord Development Group, LLC, No. LR-26409, Southern District of Indiana (Sept. 23, 2025) — Press Release
raw: James R. Harrold; Franklin Management and Consulting, LLC; Accipter, LLC; Franklin Asset Management and Consulting, LLC; Franklin Management and Consulting, Inc.; and Concord Development Group, LLC
James R. Harrold; Franklin Management and Consulting, LLC; Accipter, LLC; Franklin Asset Management and Consulting, LLC; Franklin Management and Consulting, Inc.; and Concord Development Group, LLC, No. 1:01-cv-01318 (Sept. 23, 2025)
James R. Harrold and his controlled entities obtained a final judgment for a $2 million prime bank scheme, resulting in a $3,780,392.60 judgment offset by prior collections.
James R. Harrold and several controlled entities were ordered to pay $3,780,392.60 to resolve allegations of a prime bank scheme that raised at least $2 million. The defendants faced charges for violating Sections 5 and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934. This total includes $3,635,126.52 in disgorgement and $145,266.08 in prejudgment interest, offset by previous collections from a Receiver and the Department of Justice.
The SEC successfully obtained a final judgment against James R. Harrold and several entities he controlled, including Franklin Management and Consulting, LLC, for orchestrating a prime bank scheme. The scheme raised at least $2 million from investors nationwide and violated multiple federal securities laws, including the Securities Act of 1933 and the Securities Exchange Act of 1934. The court ordered the defendants to pay a total of $3,780,392.60, consisting of $3,635,126.52 in disgorgement and $145,266.08 in prejudgment interest. This amount was offset by $3,534,749.44 already collected through a Receiver and parallel criminal proceedings. In addition to the monetary judgment, the defendants are permanently enjoined from further securities law violations. The litigation, which began with an emergency filing in 2001, has now concluded.
Exhibits & Attached Documents (1)
Extracted insights
- $3.78M $3,780,392 $1M–$10M
- $3.64M $3,635,126 $1M–$10M
- $3.53M $3,534,749 $1M–$10M
- $2.00M $2 million $1M–$10M
- $145K $145,266 $100K–$1M
- person final judgment
- agency Securities and Exchange Commission
- court u.s. district court for the southern district of indiana
- U.S. Securities And Exchange Commission obtains Final Judgment against James Harrold and several entities Harrold controlled
- U.S. District Court for the Southern District of Indiana entered final judgment against defendants James R. Harrold; Franklin Management and Consulting, LLC; Accipter, LLC; Franklin Asset Management and Consulting, LLC; Franklin Management and Consulting, Inc.; and Concord Development Group, LLC and ordered the defendants to pay $3,780,392.60
- SEC filed complaint alleging that Harrold and the entity defendants he owned and controlled raised at least $2 million from investors nationwide in connection with a prime bank scheme
- Court entered bifurcated judgment permanently enjoining Harrold and the entity Defendants from further violating Sections 5 and 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and ordered the appointment of a Receiver
- final judgment orders Defendants to pay disgorgement of $3,635,126.52 plus prejudgment interest of $145,266.08, offset by the $3,534,749.44 cumulatively collected by the Receiver in this action and the Department of Justice in a parallel criminal proceeding
- SEC conducted investigation and litigation by Timothy Leiman and Richard Stoltz of the Chicago Regional Office and supervised by Anne McKinley of the Chicago Regional Office
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26409 / September 23, 2025 Securities and Exchange Commission v. James R. Harrold et al., 1:01-cv-01318 (S.D. Ind. filed Sept. 7, 2001) SEC obtains Final Judgment and concludes litigation against James Harrold and several entities Harrold controlled On September 11, 2025, the U.S. District Court for the Southern District of Indiana entered a final judgment against defendants James R. Harrold; Franklin Management and Consulting, LLC; Accipter, LLC; Franklin Asset Management and Consulting, LLC; Franklin Management and Consulting, Inc.; and Concord Development Group, LLC and ordered the defendants to pay $3,780,392.60. The SEC’s complaint was filed on an emergency basis in September 2001 alleging that Harrold and the entity defendants he owned and controlled raised at least $2 million from investors nationwide in connection with a prime bank scheme. On September 14, 2001, the Court entered a bifurcated judgment permanently enjoining Harrold and the entity Defendants from further violating Sections 5 and 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and ordered the appointment of a Receiver, among other remedies, but left the determination of the appropriate amounts of disgorgement, prejudgment interest, and civil penalties for a later date. The final judgment orders the Defendants to pay, on a joint-and-several basis, disgorgement of $3,635,126.52 plus prejudgment interest of $145,266.08, offset by the $3,534,749.44 cumulatively collected by the Receiver in this action and the Department of Justice in a parallel criminal proceeding. The SEC’s investigation and litigation was conducted by Timothy Leiman and Richard Stoltz of the Chicago Regional Office and supervised by Anne McKinley of the Chicago Regional Office.
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26409 / September 23, 2025 Securities and Exchange Commission v. James R. Harrold et al., 1:01-cv-01318 (S.D. Ind. filed Sept. 7, 2001) SEC obtains Final Judgment and concludes litigation against James Harrold and several entities Harrold controlled On September 11, 2025, the U.S. District Court for the Southern District of Indiana entered a final judgment against defendants James R. Harrold; Franklin Management and Consulting, LLC; Accipter, LLC; Franklin Asset Management and Consulting, LLC; Franklin Management and Consulting, Inc.; and Concord Development Group, LLC and ordered the defendants to pay $3,780,392.60. The SEC’s complaint was filed on an emergency basis in September 2001 alleging that Harrold and the entity defendants he owned and controlled raised at least $2 million from investors nationwide in connection with a prime bank scheme. On September 14, 2001, the Court entered a bifurcated judgment permanently enjoining Harrold and the entity Defendants from further violating Sections 5 and 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and ordered the appointment of a Receiver, among other remedies, but left the determination of the appropriate amounts of disgorgement, prejudgment interest, and civil penalties for a later date. The final judgment orders the Defendants to pay, on a joint-and-several basis, disgorgement of $3,635,126.52 plus prejudgment interest of $145,266.08, offset by the $3,534,749.44 cumulatively collected by the Receiver in this action and the Department of Justice in a parallel criminal proceeding. The SEC’s investigation and litigation was conducted by Timothy Leiman and Richard Stoltz of the Chicago Regional Office and supervised by Anne McKinley of the Chicago Regional Office.