SEC Institutes Two S to Determine Whether to Deny Pending Investment Adviser Application for Registration and Whether Remedial Action Is Appropriate Against Associated Person

ADMINISTRATIVE PROCEEDING
File No. 3-22308

November 8, 2024 - The Securities and Exchange Commission announced today that it filed two related litigated administrative proceedings. In the first, the SEC instituted proceedings against Epic Capital Wealth Advisors, LLC ("Epic Capital"), a Utah limited liability company, to determine whether its pending application for registration as an investment adviser should be denied. In the second, the SEC instituted proceedings against David M. Anthony of Westminster, Colorado - who is the president, chief compliance officer, and 100% owner of Epic Capital - to determine what, if any, remedial action is appropriate and in the public interest concerning Anthony given an injunction previously entered against Anthony by a Colorado state court prohibiting him from engaging in specified securities activities.

According to the Orders, on September 24, 2024, Epic Capital filed an application on Form ADV with the Commission for registration as an investment adviser. The Orders state that on April 17, 2023, a final judgment was entered against Anthony and several of Anthony's entities, enjoining them, for 10 years in the State of Colorado, from offering and selling securities; making recommendations or otherwise rendering advice to clients regarding securities; managing securities accounts or portfolios for clients; and engaging in business as a securities broker-dealer, sales representative, investment adviser, or investment adviser representative, as further set forth in the Order of Permanent Injunction and Other Relief in the civil action entitled Chan v. Anthony, et al., No. 22CV30574, in the District Court of Denver County, Colorado. The matters involving Epic Capital and Anthony will be scheduled for a public hearing before the Commission, which will issue a decision stating whether the Enforcement Division has proven the allegations in the Orders and what, if any, remedial actions are appropriate.

The SEC has instituted proceedings to determine if Epic Capital's pending registration as an investment adviser should be denied pursuant Section 203(c)(2)(B) of the Investment Advisers Act of 1940 ("Advisers Act"), and what if any remedial action is appropriate and in the public interest against Anthony pursuant to Section 203(f) of the Advisers Act.

The SEC's investigation was conducted by Kimberly L. Frederick and supervised by Nicholas P. Heinke and Jason J. Burt of the Denver Regional Office. The litigation is being conducted by Ian Kellogg and supervised by Gregory Kasper, also of the Denver Regional Office.