Adviser bilked more than $100,000 from investment partnerships: SEC
The regulator is seeking permanent injunctions against Oscar Haynes Morris Jr. and his RIA Lakeside Capital Partners
The Securities and Exchange Commission has charged Dallas, Texas-based adviser Oscar Haynes Morris, Jr. and Lakeside Capital Partners, the RIA firm he owned, with misappropriating more than $100,000 from two investment partnerships they managed.
The SEC is seeking permanent injunctions, disgorgement plus prejudgment interest and civil money penalties against the defendants.
According to the SEC’s complaint, Morris and Lakeside misappropriated approximately $55,184 from a private oil and gas partnership that was an advisory client of Lakeside, and then used the funds to cover expenses of another business controlled by Morris. The complaint also alleges that the defendants misappropriated $65,000 in investment returns generated for a second partnership advised by Lakeside, and spent those funds on Morris’s personal expenses, including car payments, club dues and credit card bills.
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