Wealth management company, Cory J. Dawkins, and investment fund EWP Permian Basin Fund II, LLC instructed to …
The Iowa Insurance Commissioner, Doug Ommen, recently issued a comprehensive final ruling against Elite Wealth Partners, LLC (Elite Wealth), Cory J. Dawkins, and EWP Permian Basin Fund II, LLC for engaging in behaviors that were deceitful, manipulative, and unethical. The Iowa Department of Insurance and Financial Services COO, Chance McElhaney, emphasized the commitment to holding wrongdoers accountable and seeking justice for victims affected by the actions of Cory Dawkins, Elite Wealth Partners, and the EWP Permian Basin Fund II.
In line with the final order, Elite Wealth, Dawkins, and EWP Permian Basin Fund II, LLC have been instructed to pay a total of $2,371,618.16 in restitution to 15 Iowa investors, in addition to covering $52,643.65 in investigative and prosecutorial costs. The ruling highlighted instances of fraudulent and unregistered securities activities, as well as actions that warranted disciplinary action against Elite Wealth’s and Dawkins’s registrations as investment advisers, investment adviser representatives, and insurance producers.
The final order highlighted multiple breaches of securities laws in connection with the unregistered securities that were marketed to each of the fifteen Iowa investors. These breaches included the failure of Elite Wealth and Dawkins to fulfill their fiduciary responsibilities by advising clients to invest in unregistered, high-risk securities without ensuring that investors had sufficient information and experience to assess such risky and illiquid investments properly. The concentration of investor assets into these unregistered and risky investments was deemed excessive and not in the best interest of the clients.
As a result of the final order, several actions were taken, including the immediate revocation of Dawkins’ investment adviser representative registration and insurance producer license, as well as the termination of Elite Wealth’s investment adviser registration and insurance producer license. The EWP Permian Basin Fund II was permanently banned from offering or selling any securities in Iowa. Furthermore, restrictions were placed on Elite Wealth, Dawkins, and EWP Permian Basin Fund II to prevent them from engaging in fraudulent activities or making misleading statements regarding material facts.
For Iowans who have concerns or questions about their investments, the Iowa Insurance Division is available for assistance and can be reached at 877-955-1212 or via the website. It is crucial for investors to be vigilant and informed about their investment opportunities to avoid falling victim to fraudulent schemes and unethical practices in the financial services industry.
