SEC v. Steven J. Susoeff; and Steve Susoeff, LLC (dba Meritage Financial Group), No. LR-26239, District of Nevada (Feb. 5, 2025) — Press Release
raw: Steven J. Susoeff and Steve Susoeff, LLC (dba Meritage Financial Group)
Steven J. Susoeff and Steve Susoeff, LLC (dba Meritage Financial Group), No. 2:23-cv-00173 (Feb. 5, 2025)
The SEC obtained a final judgment against investment adviser Steven J. Susoeff for a fraudulent cherry-picking scheme involving improper trade allocations.
Steven J. Susoeff was ordered to pay $54,232 in disgorgement, $11,695 in prejudgment interest, and a $144,566 civil penalty. The SEC obtained the judgment following allegations that Susoeff manipulated trade allocations to favor certain accounts. He consented to a permanent injunction against violating various antifraud provisions of the Securities Exchange Act, the Securities Act, and the Investment Advisers Act.
The SEC obtained a final judgment against Steven J. Susoeff, the principal of the now defunct Steve Susoeff, LLC (dba Meritage Financial Group), for a fraudulent 'cherry-picking' scheme. Susoeff engaged in a practice of allocating profitable trades to his own account while consistently directing losing trades to disfavored client accounts. Without admitting or denying the allegations, Susoff consented to a permanent injunction against violating multiple federal antifraud provisions. The court ordered him to pay $54,232 in disgorgement, representing his net profits, plus $11,695 in prejudgment interest. Additionally, Susoeff was ordered to pay a civil penalty of $144,566. The enforcement action was led by the SEC's Los Angeles Regional Office.
Exhibits & Attached Documents (2)
Extracted insights
- $145K $144,566 $100K–$1M
- $54K $54,232 $10K–$100K
- $12K $11,695 $10K–$100K
- person antifraud provisions
- person charles canter
- person douglas m. miller
- person final judgment
- person kelly c. bowers
- person Robert H. Conrrad
- agency sec's investigation
- agency sec's litigation
- agency Securities and Exchange Commission
- organization Securities and Exchange Commission
- person Steven J. Susoeff
- Securities And Exchange Commission obtained final judgment
- Steven J. Susoeff consented to final judgment
- Steven J. Susoeff violated antifraud provisions
- Steven J. Susoeff paid $54,232 disgorgement
- Steven J. Susoeff paid $11,695 prejudgment interest
- Steven J. Susoeff paid $144,566 civil penalty
- Charles Canter led SEC's litigation
- Douglas M. Miller supervised SEC's litigation
- Kelly C. Bowers conducted SEC's investigation
- Robert H. Conrrad supervised SEC's investigation
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26239 / February 5, 2025 Securities and Exchange Commission v. Steven J. Susoeff and Steve Susoeff, LLC (dba Meritage Financial Group), Civil Action No. 2:23-cv-00173 (D. Nev. February 1, 2023) SEC Obtains Final Judgment Against Investment Adviser Steven J. Susoeff in Connection with Fraudulent “Cherry-Picking” Scheme On December 23, 2024, the Securities and Exchange Commission obtained a final judgment against Steven J. Susoeff, the sole owner and principal of Steve Susoeff, LLC (dba Meritage Financial Group), a now defunct state-registered investment adviser. Account, while consistently allocating losing trades to his disfavored clients' accounts. Without admitting or denying the allegations in the complaint, Susoeff consented to a final judgment permanently enjoining him from violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rules 10b-5(a) and (c) thereunder, Sections 17(a)(1) and (3) of the Securities Act of 1933, and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940. Susoeff was ordered to pay disgorgement in the amount of $54,232, representing his net profits gained as a result of the conduct alleged in the complaint, plus prejudgment interest of $11,695. Susoeff was also ordered to pay a civil penalty in the amount of $144,566. The SEC's litigation was led by Charles Canter and supervised by Douglas M. Miller of the Los Angeles Regional Office. The SEC's investigation was conducted by Kelly C. Bowers and supervised by Robert H. Conrrad of the Los Angeles Regional Office, with assistance from Rachita Gullapalli and Nicolas Lopez in the Division of Economic and Risk Analysis.
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26239 / February 5, 2025 Securities and Exchange Commission v. Steven J. Susoeff and Steve Susoeff, LLC (dba Meritage Financial Group), Civil Action No. 2:23-cv-00173 (D. Nev. February 1, 2023) SEC Obtains Final Judgment Against Investment Adviser Steven J. Susoeff in Connection with Fraudulent “Cherry-Picking” Scheme On December 23, 2024, the Securities and Exchange Commission obtained a final judgment against Steven J. Susoeff, the sole owner and principal of Steve Susoeff, LLC (dba Meritage Financial Group), a now defunct state-registered investment adviser. Account, while consistently allocating losing trades to his disfavored clients' accounts. Without admitting or denying the allegations in the complaint, Susoeff consented to a final judgment permanently enjoining him from violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rules 10b-5(a) and (c) thereunder, Sections 17(a)(1) and (3) of the Securities Act of 1933, and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940. Susoeff was ordered to pay disgorgement in the amount of $54,232, representing his net profits gained as a result of the conduct alleged in the complaint, plus prejudgment interest of $11,695. Susoeff was also ordered to pay a civil penalty in the amount of $144,566. The SEC's litigation was led by Charles Canter and supervised by Douglas M. Miller of the Los Angeles Regional Office. The SEC's investigation was conducted by Kelly C. Bowers and supervised by Robert H. Conrrad of the Los Angeles Regional Office, with assistance from Rachita Gullapalli and Nicolas Lopez in the Division of Economic and Risk Analysis.