Julie Darrah Terminated by Wealth Enhancement Advisory Firm Following Regulatory Action
Julie Darrah (CRD #: 2102014), a previously registered broker with Wealth Enhancement Advisory Services, is the subject of an SEC regulatory action. This follows her termination from Wealth Enhancement Advisory Services. You can find these disclosures on her BrokerCheck record, accessed on November 14, 2023. Investors may have engaged her services through Vivid Financial Management.
On October 25, 2023, the SEC issued a civil action alleging Julie Darrah engaged in a scheme to misappropriate millions of dollars from the brokerage accounts of her clients. She allegedly kept the funds for herself and PC&J Joint Ventures, a restaurant company that she owns. The scheme allegedly began while she was working for Vivid Financial Management, an investment advisory firm that she also partially owned. The SEC alleges she targeted elderly female customers who gave her discretionary authority over their brokerage accounts.
Julie Darrah allegedly violated her fiduciary duty by funneling $2.25 million from nine advisory clients.
The SEC alleges she therefore violated Section 17(a) of the Securities Act.
Securities Act of 1933
Section 17(a) of the Securities Act of 1933 prohibits the use of fraudulent schemes and devices relating to the purchase and sale of securities across state lines. In particular, it prohibits the use of false or misleading statements and the omission of facts concerning securities.
Brokers are often dually registered as Registered Investment Advisers (RIAs) with the SEC. RIAs are fiduciaries, and fiduciaries are required to act in their clients’ best interests. Brokers are not fiduciaries but must abide by FINRA Rule 2111 and Regulation Best Interest. (To learn more about the differences between brokers and Registered Investment Advisers, click here.)
Wealth Enhancement Advisory Services fired Julie Darrah following allegations that she engaged in fraud and/or wrongful taking of client property. The firm also alleged that she failed to cooperate with an internal review.
Julie Darrah has passed the following exams:
- Series 65 Uniform Investment Adviser Law Examination
- Series 63 Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 6 Investment Company Products / Variable Contracts Representative Examination
Besides Wealth Enhancement Advisory Services and Vivid Financial Management, Julie Darrah has also worked with Mutual Securities (CRD #: 13092) and National Planning Corporation (CRD #: 29604).
Kurta Law Can Help
If you worked with Julie Darrah and have concerns about your investments, please contact us today at 877-600-0098 or firstname.lastname@example.org for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.