The SEC obtained a final judgment against Andrew Scott Corbman, a registered representative with several broker dealers and an investment adviser representative, for conducting a fraudulent scheme involving loan agreements. According to the SEC's complaint, Corbman offered and sold loan agreements to multiple investors, promising to use proceeds to trade securities, including stocks and options, and that he would repay them a high fixed interest rate (typically 30%) plus the return of principal after a fixed term (generally one year). In some cases, he also promised investors a percentage of profits in addition to the guaranteed interest. The SEC alleged that Corbman made materially false and misleading statements about his investment track record, the riskiness of investments, and the use of investor funds. Corbman apparently claimed substantial prior returns when, in fact, his cumulative trading losses exceeded $3 million. He further failed to disclose that he had filed for personal bankruptcy, been suspended and terminated by an investment adviser after receiving numerous customer complaints, is barred from working in the securities industry, and lost his insurance business license. The SEC noted that rather than investing funds as promised, Corbman misused investor funds through high-risk trading, and to pay his own personal expenses, including payment of back taxes, credit card debt, and attorney fees for representation in his bankruptcy proceedings. Corbman consented to a judgment barring him from the securities industry and ordering him to repay $4.15 million in disgorgement, with such amount deemed satisfied by a restitution order in a parallel criminal case.