Last month, the U.S. Securities and Exchange Commission (SEC) filed charges
against Brenda A. Eschbach. The SEC alleges that Ms. Eschbach committed
securities fraud, investment advisory fraud, and acted as an unregistered
Specifically, the SEC alleges that Ms. Eschbach misappropriated more than
$3 million in client investment funds from 2003 – 2009. According
to the government, Ms. Eschbach did not invest much of the money provided
by clients but instead used it to fund her own lifestyle. She then allegedly
issued false and misleading
account statements to those clients.
The SEC reports that Ms. Eschbach has agreed to a settlement of the civil
charges. She has reportedly pleaded guilty to related criminal charges
against her and is currently awaiting sentencing.