The Nebraska advisor is accused of engaging in a cherry-picking scheme that defrauded his clients.
The Sonn Law Group is investigating allegations that Corbin Lambert conducted a cherry-picking scheme. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.
Corbin Lambert is an investment adviser representative (“IAR”) with Continuum Financial, LLC (“Continuum”), a Nebraska-based investment adviser firm. On September 29, 2020, the SEC filed a complaint against Lambert containing allegations that he conducted a cherry-picking scheme that defrauded his clients.
The SEC’s complaint alleges that, from at least January 2017 through March 2018, Lambert placed options trades using Continuum Financial’s omnibus account, which is intended to facilitate purchases of securities for multiple client accounts, and delayed allocating the securities to specific client accounts until he had observed the securities’ performance over the course of the day.
Lambert then allegedly disproportionately cherry-picked the profitable trades to be allocated to his personal account and allocated the unprofitable trades to his clients’ accounts. The complaint also alleges that Lambert misrepresented to clients that all trades would be allocated in a fair and equitable manner. Lambert is also accused of concealing his misconduct from the other principals of Continuum Financial.
The SEC’s complaint, filed in the U.S. District Court for the District of Nebraska, charges Lambert with violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, Sections 17(a)(1) and 17(a)(2) of the Securities Act of 1933, and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940.
Contact Us Today
The Sonn Law Group is currently investigating allegations that Corbin Lambert conducted a cherry-picking scheme. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.