Todd Anthony Esh of Shawnee Kansas a stockbroker formerly registered with LPL Financial LLC has been barred by Securities and Exchange Commission (SEC) from being a stockbroker or an investment adviser representative founded on accusations of Esh making omissions and misrepresentations to investors. In the Matter of Todd A. Esh Order Instituting Administrative Proceedings Case No. 3-19819 (June 2, 2020).

SEC noted that on May 20, 2020, through a judgment entered with Esh’s consent, he was permanently enjoined from engaging in violations of federal securities laws, including Securities Exchange Act of 1934 Section 10(b), SEC Rule 10b-5, and Securities Act of 1933 Section 17(a).

This comes after SEC filed a Complaint against Esh. The Complaint alleged a fraudulent securities offering by Phillip Hudnall and Esh through BirdDog Oil Equipment LLC and BirdDog Business Group LLC. SEC alleges that $3,600,000.00 in promissory notes had been sold to investors through Esh and Hudnall. The notes were issued by BirdDog, and investors were led to believe that BirdDog would use their funds for fixing oil and gas equipment and selling that equipment for profit. The Complaint alleges that investors’ funds had been misappropriated instead.

According to the Complaint, to get investors on board, the issuer promised to pay customers a 30 percent return in approximately nine months. The notes were touted as safe. Investors were told their principal was secured through a priority security interest in certain oil and gas equipment.

SEC alleges that investors were told lies by BirdDog regarding past profitable deals. Investors were led to believe that 30 percent returns were generated in under six months in two prior transactions. Investors were told in BirdDog’s term sheets that the concept of equipment transactions had been tested and profitable. SEC indicated that these were fabrications and that the past deals referenced in BirdDog’s term sheet were not real.

FINRA Public Disclosure shows that Esh has been identified in a customer initiated investment related complaint in which the customer sought $53,960.66 in damages based upon allegations of them being placed into unsuitable stocks and options when Esh was associated with Morgan Stanley. Esh allegedly made misrepresentations regarding securities transactions.

Esh was registered with LPL Financial between March 26, 2018, and July 24, 2019.

Tags: , ,

Comments are closed.