The Securities and Exchange Commission (SEC) stopped an allegedly ongoing fraudulent offering by Coral Gables Asset Management and its sole owner, David Coggins.
Last week, the SEC filed a lawsuit and sought emergency relief against Coral G
The Commission also included two entities, Coral Gables Asset Holdings, L.P., and Coral Gables Capital, L.P. (collectively, the “Fund”) as relief defendants in the complaint.
Judge Kathleen Williams immediately granted the SEC’s request for emergency relief against the defendants and relief defendants. The Judge also issued an order requiring an asset freeze and records preservation.
SEC charges against Coral Gables, Coggins
In the complaint, the SEC alleged that Coggins through Coral Gables started attracting investors to invest in the Fund in 2015.
The defendants allegedly solicited at least ten investors and raised $1.85 million by misrepresenting the past performance of the Fund, the amount of assets under management (AUM), and Coggin’s experience as a portfolio manager and his plans to invest the Fund’s assets.
