2025-07-11 sec-litreleases pdf 138 KB 3,711 chars

SEC v. PINNACLE ADVISORS, No. 5:23-cv-00547-FJS, Northern District of New York (July 11, 2025)

raw: SEC v. PINNACLE ADVISORS

SEC v. PINNACLE ADVISORS, No. 5:23-cv-00547-FJS (July 11, 2025)

Caption: Securities and Exchange Commission v. Pinnacle Advisors, LLC, et al.

summary

The SEC and Pinnacle Advisors, LLC, along with four individuals, agreed to dismiss their civil enforcement action with prejudice on July 11, 2025.

paragraph

The Securities and Exchange Commission filed a civil enforcement action against Pinnacle Advisors, LLC, Robert F. Cuculich, Benjamin R. Quilty, Mark E. Wadach, and Lawton A. Williamson in May 2023. The parties entered a joint stipulation to dismiss the litigation with prejudice, effectively ending the dispute without costs or fees to either party. As part of the agreement, the defendants waived all rights to seek reimbursement for attorney's fees or legal expenses from the United States.

narrative

The Securities and Exchange Commission initiated a civil enforcement action in May 2023 against Pinnacle Advisors, LLC, and individuals Robert F. Cuculich, Benjamin R. Quilty, Mark E. Wadach, and Lawton A. Williamson. Following various motions to dismiss and legal considerations regarding the Supreme Court's decision in Loper Bright Enterprises v. Raimondo, the parties reached a resolution. On July 11, 2025, the SEC and defendants filed a joint stipulation to dismiss the litigation with prejudice. The agreement stipulates that the dismissal is without costs or fees to either party. Furthermore, the defendants waived all rights to seek reimbursement for attorney's fees or expenses under the Equal Access to Justice Act or other provisions. This settlement also includes a release of all claims and causes of action against the Commission arising from the litigation.

Enriched metadata

Scheme: investment-adviser-fraud (80%)
Court: Northern District of New York
Case No.: 5:23-cv-00547-FJS

Classified investment-adviser-fraud(confidence 80%). EDGAR detection: forms ADV/ADV-E/ADV-W/Form D· recall 33% / precision 13%. detection rule →

Extracted insights

Entities 1

agency Securities and Exchange Commission

Triples 7

Securities And Exchange Commission filed Complaint in this civil enforcement action
Defendants moved to dismiss the Complaint
the Court denied Defendants’ motions to dismiss with leave to refile
Defendants refiled their motions to dismiss the Complaint
the Commission and Defendants agree to have this Litigation dismissed with prejudice
Defendants waive and release any and all rights under the Equal Access to Justice Act and other provisions to seek reimbursement of attorney’s fees
Defendants waive and release any and all claims against the Commission and its officers or employees relating to the Litigation

PDF

SEC v. PINNACLE ADVISORS · Source

Text layers

Extracted body text (3,711c)

UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF NEW YORK

SECURITIES AND EXCHANGE COMMISSION,

Plaintiff,

-against-

PINNACLE ADVISORS, LLC,
ROBERT F. CUCULICH,
BENJAMIN R. QUILTY,
MARK E. WADACH, and
LAWTON A. WILLIAMSON,

Defendants.

23 Civ. 00547 (FJS) (ATB)

JOINT STIPULATION TO DISMISS WITH PREJUDICE AND RELEASES
Plaintiff Securities and Exchange Commission (the “Commission” or the “SEC”) and
Defendants Pinnacle Advisors, LLC (“Pinnacle”), Robert F. Cuculich (“Cuculich”), Benjamin R.
Quilty (“Quilty”), Mark E. Wadach (Wadach”), and Lawton A. Williamson (“Williamson”)
(collectively “Defendants”) respectfully submit this joint stipulation.
WHEREAS, the Commission filed its Complaint in this civil enforcement action (the
“Litigation”) on May 5, 2023;
WHEREAS, on July 11, 2023, Defendants moved to dismiss the Complaint;
WHEREAS, on March 27, 2025, the Court in the Litigation denied Defendants’ motions
to dismiss with leave to refile their motions within thirty days to address the Supreme Court’s
decision in Loper Bright Enters. v. Raimondo, 603 U.S. 369 (2024);
WHEREAS, on April 28, 2025, Defendants refiled their motions to dismiss the
Complaint in accordance with the Court’s March 27, 2025 Order;

WHEREAS, by this stipulation, the Commission and Defendants agree to have this
Litigation dismissed with prejudice.
WHEREAS, the Commission’s decision to seek dismissal of this Litigation with
prejudice does not necessarily reflect the Commission’s position on any other case.
NOW, THEREFORE,
1. Pursuant to Fed. R. Civ. P. 41(a)(1)(A)(ii), the Commission and Defendants
stipulate that this Litigation be dismissed with prejudice as to the conduct alleged in the
Complaint through the date of the filing of this Stipulation, and without costs or fees to either
party.
2. Defendants, for themselves, and any of their agents, attorneys, employees, or
representatives, hereby waive and release:
a. Any and all rights under the Equal Access to Justice Act, the Small
Business Regulatory Enforcement Fairness Act of 1996, or any other
provision of law to seek from the United States, or any agency, or any
official of the United States acting in his or her official capacity, directly
or indirectly, reimbursement of attorney’s fees or other fees, expenses, or
costs expended by Defendants that in any way relate to the Litigation,
including but not limited to investigative steps taken prior to commencing
the Litigation.
b. Any and all claims, demands, rights, and causes of action of every kind
and nature, asserted or unasserted, against the Commission and its present
and former officers or employees that arise from or in any way relate to
the Litigation, including, but not limited to, investigative steps taken prior
to commencing the Litigation.
3. Each of the undersigned represents that they have the authority to execute this
stipulation on behalf of the party so indicated.

STIPULATED AND AGREED:

/s Todd D. Brody Dated: July 11, 2025
Todd D. Brody
Senior Trial Counsel
SECURITIES AND EXCHANGE COMMISSION
New York Regional Office
100 Pearl St., Suite 20-100
New York, NY 100004
(212) 336-0080
[email protected]

/s Jan M. Folena Dated: July 11, 2025
Jan M. Folena
Stradley Ronon Stevens & Young, LLP
2000 K Street, N.W., Suite 700
Washington, D.C. 20006-1871
(202) 507-5159
[email protected]
Counsel for Defendants Wadach and Williamson

/s Brian Butler Dated: July 11, 2025
Brian Butler
Bond Schoeneck & King
One Lincoln Center
Syracuse, NY 13202-1355
(315) 218-8160
[email protected]
Counsel for Defendants Pinnacle, Cuculich, and Quilty

OCR text (4,219c · tika · 95% conf)

UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF NEW YORK

SECURITIES AND EXCHANGE COMMISSION,

Plaintiff,

-against-

PINNACLE ADVISORS, LLC,
ROBERT F. CUCULICH,
BENJAMIN R. QUILTY,
MARK E. WADACH, and
LAWTON A. WILLIAMSON,

Defendants.

23 Civ. 00547 (FJS) (ATB)

JOINT STIPULATION TO DISMISS WITH PREJUDICE AND RELEASES

Plaintiff Securities and Exchange Commission (the “Commission” or the “SEC”) and

Defendants Pinnacle Advisors, LLC (“Pinnacle”), Robert F. Cuculich (“Cuculich”), Benjamin R.

Quilty (“Quilty”), Mark E. Wadach (Wadach”), and Lawton A. Williamson (“Williamson”)

(collectively “Defendants”) respectfully submit this joint stipulation.

WHEREAS, the Commission filed its Complaint in this civil enforcement action (the

“Litigation”) on May 5, 2023;

WHEREAS, on July 11, 2023, Defendants moved to dismiss the Complaint;

WHEREAS, on March 27, 2025, the Court in the Litigation denied Defendants’ motions

to dismiss with leave to refile their motions within thirty days to address the Supreme Court’s

decision in Loper Bright Enters. v. Raimondo, 603 U.S. 369 (2024);

WHEREAS, on April 28, 2025, Defendants refiled their motions to dismiss the

Complaint in accordance with the Court’s March 27, 2025 Order;

Case 5:23-cv-00547-FJS-MJK Document 48 Filed 07/11/25 Page 1 of 3

WHEREAS, by this stipulation, the Commission and Defendants agree to have this

Litigation dismissed with prejudice.

WHEREAS, the Commission’s decision to seek dismissal of this Litigation with

prejudice does not necessarily reflect the Commission’s position on any other case.

NOW, THEREFORE,

1. Pursuant to Fed. R. Civ. P. 41(a)(1)(A)(ii), the Commission and Defendants

stipulate that this Litigation be dismissed with prejudice as to the conduct alleged in the

Complaint through the date of the filing of this Stipulation, and without costs or fees to either

party.

2. Defendants, for themselves, and any of their agents, attorneys, employees, or

representatives, hereby waive and release:

a. Any and all rights under the Equal Access to Justice Act, the Small
Business Regulatory Enforcement Fairness Act of 1996, or any other
provision of law to seek from the United States, or any agency, or any
official of the United States acting in his or her official capacity, directly
or indirectly, reimbursement of attorney’s fees or other fees, expenses, or
costs expended by Defendants that in any way relate to the Litigation,
including but not limited to investigative steps taken prior to commencing
the Litigation.

b. Any and all claims, demands, rights, and causes of action of every kind
and nature, asserted or unasserted, against the Commission and its present
and former officers or employees that arise from or in any way relate to
the Litigation, including, but not limited to, investigative steps taken prior
to commencing the Litigation.

3. Each of the undersigned represents that they have the authority to execute this

stipulation on behalf of the party so indicated.

Case 5:23-cv-00547-FJS-MJK Document 48 Filed 07/11/25 Page 2 of 3

STIPULATED AND AGREED:

Case 5:23-cv-00547-FJS-MJK Document 48 Filed 07/11/25 Page 3 of 3

mailto:[email protected]
mailto:[email protected]
mailto:[email protected]