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U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 21352 / December 23, 2009

U.S. Securities and Exchange Commission v. Crossroads Financial Planning, Inc., and Julie M. Jarvis, Case No. 2:09-cv-269 (ALM) (SDOH)

SEC Secures Settlement with Ohio Investment Adviser Who Defrauded Elderly Clients

The Securities and Exchange Commission announced today that Julie M. Jarvis, of Columbus, Ohio, and her financial advisory firm, Crossroads Financial Planning, Inc, have agreed to settle the Commission's pending civil action against them. The Commission's complaint, filed in the United States District Court for the Southern District of Ohio on April 8, 2009, alleged that Jarvis, the owner of Crossroads, misappropriated at least $2.3 million from two elderly clients between June 2000 and March 2009. After the filing of the complaint, evidence obtained during the SEC's ongoing litigation revealed additional misappropriations by Jarvis in the amount of approximately $360,000.

Under today's announced settlement, Jarvis and Crossroads admitted to the allegations in the SEC's complaint and consented to the entry of permanent injunctions against each of them based on their violations of 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. The final judgment will also enjoin Crossroads from violating Section 204 of the Advisers Act and Rule 204-2 thereunder, and Jarvis with aiding and abetting those violations. The proposed settlements are subject to the Court's approval.

In a related criminal proceeding, on October 14, 2009, the United States District Court for the Southern District of Ohio sentenced Jarvis to 66 months incarceration based upon her plea of guilty to criminal charges stemming from the same conduct alleged in the Commission's complaint. The Court also ordered her to pay restitution in the amount of $2,663,681.44.

The Commission notes the assistance and cooperation from the United States Attorney's Office for the Southern District of Ohio and the Federal Bureau of Investigation.

 

http://www.sec.gov/litigation/litreleases/2009/lr21352.htm


Modified: 12/23/2009