In the Matter of Scott A. Doak
Admin. Proc. File No. 3-16941
On November 4, 2015, the Commission instituted and simultaneously settled administrative and cease-and-desist proceedings (“Order”) against Scott A. Doak (“Respondent”), a client of William M. Apostelos (“Apostelos”) and the CEO, partial owner, and an investment adviser representative of OVO Wealth Management, LLC (“OVO”), a state-registered investment adviser. In the Order, the Commission found that, in early 2013, the Respondent, Apostelos, and other individuals began operating OVO. After approximately a year of operations, OVO was wound down, and Doak made oral and written misrepresentations and omissions to OVO clients to induce them to transfer their advisory accounts to investments controlled by Apostelos. Doak violated the registration provisions of federal securities laws by offering and selling securities issued by entities controlled by Apostelos, and violated the anti-fraud provisions of the federal securities laws by making representations and omissions while advising OVO clients to invest their advisory accounts in investments controlled by Apostelos. The Commission ordered the Respondent to pay a total of $249,707.78 in disgorgement, prejudgment interest, and civil money penalties. The Commission ordered that such penalties, along with the disgorgement and prejudgment interest, will be held pending a decision whether the Commission, in its discretion, will seek to distribute the funds, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, as amended or transfer the funds to the U.S. Treasury See the Commission’s order: Release No. 33-9976.
The Respondent has paid a total of $249,707.78 (“Fund”).
On July 17, 2017, the Commission issued an order appointing Miller Kaplan Arase LLP, as the Tax Administrator of the Fund.
For more information, please contact the Commission:
Office of Distributions