The SEC filed a settlement against James Burleson, founder of previously registered investment adviser, Burleson & Company, LLC, for a fraudulent cherry-picking scheme, barring him from association with any investment adviser, broker-dealer, or other regulated institution for 5 years. According to the SEC's order, Burleson disproportionately allocated profitable options trades to his personal account, while disproportionately allocating unprofitable options trades to his clients’ accounts. Burleson also made materially false and misleading statements to his clients in the firm’s Form ADV, Part 2A filings, which claimed the firm would allocate trades “in the most equitable manner possible.”