Eric Cobb, SeaCrest Wealth Named in SEC Charges
Eric Cobb (CRD# 2623064), formerly an investment adviser registered with SeaCrest Wealth Management, engaged in a fraudulent cherry-picking scheme, according to recent charges. MDF Law is investigating the former Spartanburg, South Carolina-based financial professional for similar conduct. Former clients with concerns about their accounts are urged to call us for a free, confidential consultation.
To learn about the charges against Mr. Cobb, continue reading this post. The information below is based on a February 24, 2025 review of his BrokerCheck record, a Financial Industry Regulatory Authority profile. It is also sourced from records provided by the Securities and Exchange Commission, including his Investment Adviser Public Disclosure form.
SEC Charges Allege Fraudulent Scheme
On December 12, 2024, the SEC filed fraud charges against Mr. Cobb. According to an official litigation release, the charges alleged that he engaged in a practice known as “cherry-picking.” This entails the purchase of securities for multiple clients in an omnibus account, then waiting to see which securities increase in value, and allocating the profitable trades to favored clients and the unprofitable trades to disfavored clients.
According to the SEC, he engaged in the alleged scheme between June 2019 and April 2022. During this period, he allegedly allocated profitable trades to accounts belonging to himself and his wife. At the same time, he allocated unprofitable trades to “other clients'” accounts. As alleged, he “routinely placed clients in highly volatile and risky investments that were inconsistent with their investment profiles.”
SeaCrest Wealth Settles Charges
At the same time that it filed charges against Mr. Cobb, the SEC also announced the settlement of charges against his former firm, SeaCrest Wealth. As alleged, the firm “implement policies and procedures reasonably designed to prevent violations of the federal securities laws.” It also allegedly failed to supervise Mr. Cobb’s activities.
In connection with these charges, SeaCrest Wealth agreed to a censure and a penalty of $375,000. It did not admit to or deny the SEC’s findings. The regulator is meanwhile seeking various forms of relief against Mr. Cobb, including injunctions and civil penalties.
Why Did Raymond James Fire Eric Cobb?
On February 5, 2016, Raymond James Financial Services filed a disclosure regarding Mr. Cobb’s firing from the firm. According to the disclosure, it terminated him following allegations that he violated firm policies as well as “FINRA rules related to communications with the public.” It also notes that he “had been issued a Letter of Caution by FINRA for the same rules violations at his prior firm.”
FINRA: Adviser Last Based in Spartanburg, South Carolina
Mr. Cobb started working as a broker in 1996, according to his BrokerCheck profile. That year, he registered with Merrill Lynch, where he remained until 2008. After departing the firm, he joined Morgan Stanley, working there until he left for Raymond James in 2014. After his firing two years later, he joined SeaCrest Wealth Management as an investment adviser. He worked at the firm’s office in Spartanburg, South Carolina until 2022. Since departing SeaCrest Wealth, he has not registered with any broker-dealer or investment adviser firm.
Investors Have Rights
MDF Law’s seasoned investment fraud attorneys have recovered more than $100 millions in investment losses for our clients. If you have complaints regarding investments or strategies recommended by Eric Cobb, call today. We provide free consultations nationwide and accept cases on a contingency basis. In other words, we only collect a fee when our clients recover losses: no hourly fees. You may have limited window to file a claim with FINRA, so we urge you to avoid delay. Call MDF Lw at 800-767-8040 today.