2019-09-30 sec-litreleases litigation_release 65 KB 1,739 chars

SEC v. Yellowstone Partners, LLC; David H. Hansen; and Cameron G. High, No. LR-24626, District of Idaho (Sept. 30, 2019) — Press Release

raw: Yellowstone Partners, LLC, David H. Hansen, and Cameron G. High

Yellowstone Partners, LLC, David H. Hansen, and Cameron G. High, No. 4:19-cv-00374 (Sept. 30, 2019)

Caption
Hatton v. United States
Source PDF JSON
summary

Yellowstone Partners, LLC, and its former principals, David H. Hansen and Cameron G. High, were charged by the SEC with fraudulently overbilling over 100 clients by $11.8 million from 2008, with the outcome pending.

paragraph

Yellowstone Partners, LLC, and its former principals, David H. Hansen and Cameron G. High, allegedly defrauded over 100 clients by systematically overbilling them more than $11.8 million from at least 2008. The overcharges were used to cover operating expenses and support Hansen's lavish lifestyle. The defendants are charged with violating antifraud and recordkeeping provisions of the Investment Advisers Act of 1940.

narrative

The Securities and Exchange Commission (SEC) charged Yellowstone Partners, LLC, and its former principals, David H. Hansen and Cameron G. High, with defrauding over 100 clients by systematically overbilling them more than $11.8 million from at least 2008. The alleged overcharges were used to cover operating expenses and support Hansen's lavish lifestyle. The complaint alleges violations of Sections 206(1) and (2) of the Investment Advisers Act of 1940 for fraud and Section 204(a) along with related rules for failing to maintain required books and records. The SEC seeks permanent injunctions and monetary relief, including disgorgement and penalties. The investigation was led by the Salt Lake Regional Office with support from the San Francisco exam team, and litigation will be handled by Amy J. Oliver and David D. Whipple. The outcome of the litigation is pending.

Enriched metadata

Scheme
investment-adviser-fraud (100%)
Court
District of Idaho
Case No.
4:19-cv-00374
Victim loss
$11,800,000
Entity
Yellowstone Partners, LLC
CIK
0001682196
Classified investment-adviser-fraud(confidence 100%). EDGAR detection: forms ADV/ADV-E/ADV-W/Form D· recall 33% / precision 13%. detection rule →
Statutes
Sections 206(1) and (2) of the Investment Advisers ActSections 206(1) and (2) of the Investment Advisers Act
Parties
HattonUnited States
Keywords
yellowstone partnersdavid hansenhansen cameroncameron highyellowstonedavidhansenhighpartnerscameronformeridahoidaho fallsinvestment adviserformer principals

Exhibits & Attached Documents (1)

Extracted insights

Dollar amounts 1
  • $11.80M $11.8 million $10M–$100M
Entities 3
  • person investment adviser
  • agency Securities and Exchange Commission
  • organization Securities and Exchange Commission
Triples 13
  • SEC charged former investment adviser Yellowstone Partners, LLP, of Idaho Falls, and its two former principals, David H. Hansen and Cameron G. High
  • SEC charged Yellowstone Partners, LLC, David H. Hansen, and Cameron G. High for fraudulently overbilling clients
  • Securities and Exchange Commission charged Yellowstone Partners, LLC
  • Securities and Exchange Commission charged David H. Hansen
  • Securities and Exchange Commission charged Cameron G. High
  • Yellowstone Partners, LLC is investment adviser
  • David H. Hansen is former principal
  • Cameron G. High is former principal
  • Yellowstone Partners, LLC charged fraudulently overbilling clients
  • SEC charged Yellowstone Partners, LLC, David H. Hansen, and Cameron G. High for fraudulently overbilling clients
  • Securities and Exchange Commission charged Yellowstone Partners, LLC, David H. Hansen, and Cameron G. High
  • Yellowstone Partners, LLC, David H. Hansen, and Cameron G. High overbilled clients
  • Securities and Exchange Commission filed Securities and Exchange Commission v. Yellowstone Partners, LLC, David H. Hansen, and Cameron G. High
PDF (from attached: pdf)
Amy J. Oliver (Utah State Bar No. 8785) · Source
Text layers
Extracted body text (1,739c) 
SEC Charges Former Idaho Falls Investment Adviser and Its Former Principals for Fraudulently Overbilling Clients Litigation Release No. 24626 / September 30, 2019 Securities and Exchange Commission v. Yellowstone Partners, LLC, David H. Hansen, and Cameron G. High, No. 4:19-cv-00374 (D. Idaho) filed September 30, 2019 The Securities and Exchange Commission today charged former investment adviser Yellowstone Partners, LLP, of Idaho Falls, and its two former principals, David H. Hansen and Cameron G. High, for fraudulently overbilling clients and charging fees for work not performed. The SEC's complaint alleges that from at least 2008, Yellowstone, through Hansen and High, systematically overbilled more than 100 of its client accounts for a total amount of over $11.8 million. According to the complaint, the overcharges were used to cover operating expenses and to support Hansen's lavish lifestyle. As alleged, Yellowstone also failed to maintain certain required books and records. The SEC's complaint, filed in federal district court in Pocatello, Idaho, charges the defendants with violating the antifraud provisions of Sections 206(1) and (2) of the Investment Advisers Act of 1940 (Advisers Act) and the recordkeeping provisions of Section 204(a) of the Advisers Act and Rules 204-2(a)(10) and 204-2(e)(1) thereunder. The SEC seeks permanent injunctions and monetary relief. The SEC's investigation was conducted by Cheryl M. Mori and was supervised by Daniel J. Wadley of the Salt Lake Regional Office, with assistance from Peter Bloom, Ada Chee, Edward Haddad, Matthew O'Toole, and Scott Walker of the San Francisco Regional Office exam team. The litigation will be led by Amy J. Oliver and David D. Whipple. SEC Complaint
OCR text (1,739c · html-text · 99% conf) 
SEC Charges Former Idaho Falls Investment Adviser and Its Former Principals for Fraudulently Overbilling Clients Litigation Release No. 24626 / September 30, 2019 Securities and Exchange Commission v. Yellowstone Partners, LLC, David H. Hansen, and Cameron G. High, No. 4:19-cv-00374 (D. Idaho) filed September 30, 2019 The Securities and Exchange Commission today charged former investment adviser Yellowstone Partners, LLP, of Idaho Falls, and its two former principals, David H. Hansen and Cameron G. High, for fraudulently overbilling clients and charging fees for work not performed. The SEC's complaint alleges that from at least 2008, Yellowstone, through Hansen and High, systematically overbilled more than 100 of its client accounts for a total amount of over $11.8 million. According to the complaint, the overcharges were used to cover operating expenses and to support Hansen's lavish lifestyle. As alleged, Yellowstone also failed to maintain certain required books and records. The SEC's complaint, filed in federal district court in Pocatello, Idaho, charges the defendants with violating the antifraud provisions of Sections 206(1) and (2) of the Investment Advisers Act of 1940 (Advisers Act) and the recordkeeping provisions of Section 204(a) of the Advisers Act and Rules 204-2(a)(10) and 204-2(e)(1) thereunder. The SEC seeks permanent injunctions and monetary relief. The SEC's investigation was conducted by Cheryl M. Mori and was supervised by Daniel J. Wadley of the Salt Lake Regional Office, with assistance from Peter Bloom, Ada Chee, Edward Haddad, Matthew O'Toole, and Scott Walker of the San Francisco Regional Office exam team. The litigation will be led by Amy J. Oliver and David D. Whipple. SEC Complaint

Related documents (1)