10.0David P Neuman
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WARNING! Impendng Investigation–SCOTT BRITTENHAM and CLEAN ENERGY CAPITAL LLC

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22
Oct

WARNING! Impendng Investigation–SCOTT BRITTENHAM and CLEAN ENERGY CAPITAL LLC

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Scott Brittenham and Clean Energy Capital LLC

Have you lost money with financial advisor of Scott Brittenham from Tucson, Arizona? We are currently investigating allegations made against Scott A. Brittenham by the Securities and Exchange Commission (SEC).  The SEC recently settled an administrative action that it filed against Brittenham and Clean Energy Capital (CEC), a firm that was co-founded by Brittenham, who also acts as Clean Energy Capital’s CEO.

CEC was registered with the SEC as an investment adviser from 2007 to 2012.  CEC and Scott Brittenham managed 20 private equity funds which are named Ethanol Capital Partnership L.P. (ECP Funds).  The SEC made several allegations against Brittenham and Clean Energy Capital:

a)      Brittenham misappropriated CEC expenses to himself without disclosure to investors;

b)      The ECP funds borrowed money from CEC without notice to investors, and even pledged ECP capital as collateral with disclosure;

c)      Brittenham changed the way that dividends of ECP funds were distributed, which adversely affected the earlier investors of the ECP funds;

d)     Brittenham and CEC induced a new investor in 2009, by misrepresenting the amount of money that he and the co-founder of CEC had invested in the ECP funds; in fact, Brittenham had invested substantially less than he represented to the investor.

e)      Brittenham failed to use a qualified custodian and did not properly segregate investor accounts;

f)       CEC used inadequate compliance policies and procedures; and

g)      Brittenham omitted CEC’s co-founders SEC disciplinary history from later ECP funds’ disclosure documents.

Recently, Brittenham and CEC reached a settlement with the SEC.  The settlement provided that CEC was to review its compliance procedures and hire an independent expert to evaluate the changes made to their procedures, that the Brittenham and CEC were censured, that Brittenham and CEC had to pay disgorgement of $1.91 million of money earned on the ECP funds, along with interest of $1B02,000, and to pay a civil penalty of $225,000.

Scott Brittenham was also a registered representative and financial advisor with a number of firms in the last 15 years, including with Tigress Financial Partners from March 2014 to the present; with BA Securities LLC from February 2013 to September 2013; with Heritage Financial Systems from February 2010 to March 2011; and with Grant Bettingen from 1999 to December 2007.

This is not the first time that Brittenham has been in trouble with regulators.  In 2004, the Washington State Department of Financial Institutions investigated Brittenham in connection with his mortgage broker business.  Brittenham was accused of misleading borrowers and engaging in unfair and deceptive practices.  Scott Brittenham was barred 10 years from the mortgage broker industry and was ordered to pay restitution to 11 consumers.

Broker-dealers like BA Securities, Heritage Financial Systems, and Grant Bettingen have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives.  Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies.  When broker-dealers fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.  Our firm has previously represented investors all over the country, including investors in Arizona and Washington.  Our firm has offices in Denver and the Seattle-area, but we continue to represent investors throughout the U.S.  If you have lost money through Scott Brittenham, Grant Bettingen, Heritage Financial Systems, or BA Securities and want to hear about ALL legal options, please visit http://www.israels-law.com/ or call us at 720-599-3505.

Click here to view SEC Complaint regarding Brittenham:  Brittenham SEC Complaint

Click here to view SEC/ regarding Scott Brittenham:  Brittenham SEC AWC

Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.
10.0David P Neuman

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