Ryan Riley, Virginia-Based Investment Advisor, Charged by SEC with Defrauding Customers

INVESTORS: Virginia-based investment advisor was charged by the SEC with defrauding investors out of nearly half a million dollars.

The SEC accused Virginia investment advisor Ryan Riley of soliciting advisory clients and other individuals to invest in securities issued by his companies, Green Light Energy, LLC and Mustang Resources, Inc., by claiming that  he would use their funds to acquire, develop, and operate oil & gas drilling projects in Texas. Instead, Riley used the funds on personal expenses and day trading.

The SEC is charging Riley with violating Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940. Riley has consented to the entry of a judgment which, if approved by the court, would permanently enjoin him from violating the charged provisions and bar him from acting as an officer or director of a public company, with disgorgement and civil penalties to be decided later by the court.

The Sonn Law Group is currently investigating allegations surrounding Ryan Riley. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.