The Securities and Exchange Commission (SEC) has barred Ruben Cedric Williams. As reported by InvestmentNews, Williams, the CEO, chief compliance officer, and co-owner of Vista Financial Advisors, falsely stated on official documents that his firm managed more than $11 billion in client assets. In reality, the firm managed less than $25 million.

In September 2022, the SEC filed a lawsuit against Williams and Vista Financial Advisors for violating industry rules by submitting false statements on their Form ADV, a registration form required for investment advisors. Despite repeated requests, Williams failed to provide the SEC with any evidence to back his claim that he managed so much.

InvestmentNews reports that Williams settled with the SEC, agreeing to its findings without admitting or denying the charges. He is now barred from the securities industry.

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