Yellowstone Partners LLC – SEC Files Complaint

Yellowstone Partners LLC – SEC Files Complaint | Goodman & Nekvasil P.A. May Recover Investor Losses

According to the SEC Allegations

From at least 2008 through June 30, 2017 (the “Relevant Period”), Hansen, the former Chief Executive Officer (“CEO”) of then-Commission-registered investment adviser, Yellowstone, caused Yellowstone to overbill investment advisory clients as part of a fraudulent scheme to inflate Defendants’ income. High participated in the fraudulent scheme by causing the overbilled management fees to be charged to and taken from client accounts.

During the Relevant Period, Hansen and High were investment adviser representatives associated with Yellowstone. Hansen and High were also registered representatives associated with broker-dealers registered with the Commission.

As part of their fraudulent scheme, Defendants stole over $11.8 million from over 120 client accounts by overbilling clients for investment advisory management fees that were never earned. Overbillings were taken from unsuspecting clients to generate additional revenue to cover Yellowstone’s operating expenses and to support Hansen’s lavish lifestyle.

Defendants targeted specific accounts, with the majority of overbillings occurring in a small number of larger accounts, where overbilled fees would be less noticeable.

As part of their scheme, Defendants billed client accounts twice for periodic management fees, thereby taking double the amount of fees earned during particular periods. Defendants also billed client accounts additional advisory fees for work that was never performed.

Defendants also failed to maintain current investment advisory agreements for each client and to keep such records easily accessible for a period of five years, as required by firm procedures, the Advisers Act, and the rules thereunder.

Investors in Yellowstone Partners LLC May Recover their Losses with Goodman & Nekvasil, P.A.

If you invested in Yellowstone Partners, Goodman & Nekvasil, P.A. may help you. Goodman & Nekvasil, P.A., a Clearwater, Florida, law firm with a national practice representing victimized investors, has recovered more than $180 million dollars on behalf of victimized investors. 

All our cases are handled on a purely contingency fee basis by Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA. Kalju Nekvasil, Esq. has practiced in this area of the law for more than 35 years. 

There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.

If you incurred investment losses in Yellowstone Partners and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.  

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