SEC Obtains Default Judgment Against Former Cincinnati, Ohio Registered Representative
The Securities and Exchange Commission (SEC) has obtained a default judgment against Scott Allen Fries. He was a Transamerica Financial Advisors registered representative from 2014 to 2019.
The regulator’s amended complaint accuses the former broker and investment advisor of raising approximately $458K from at least ten investors, including customers from the brokerage firm, and using the funds to pay for his personal expenses. Fries is barred from further fraud violations and must pay disgorgement of $428,334.53, a civil penalty of $208,500, and a prejudgment interest of $110,548.02.