Steven J. Susoeff and Steve Susoeff, LLC (dba Meritage Financial Group)

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26239 / February 5, 2025

Securities and Exchange Commission v. Steven J. Susoeff and Steve Susoeff, LLC (dba Meritage Financial Group), Civil Action No. 2:23-cv-00173 (D. Nev. February 1, 2023)

SEC Obtains Final Judgment Against Investment Adviser Steven J. Susoeff in Connection with Fraudulent “Cherry-Picking” Scheme

On December 23, 2024, the Securities and Exchange Commission obtained a final judgment against Steven J. Susoeff, the sole owner and principal of Steve Susoeff, LLC (dba Meritage Financial Group), a now defunct state-registered investment adviser.

Account, while consistently allocating losing trades to his disfavored clients' accounts.

Without admitting or denying the allegations in the complaint, Susoeff consented to a final judgment permanently enjoining him from violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rules 10b-5(a) and (c) thereunder, Sections 17(a)(1) and (3) of the Securities Act of 1933, and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940. Susoeff was ordered to pay disgorgement in the amount of $54,232, representing his net profits gained as a result of the conduct alleged in the complaint, plus prejudgment interest of $11,695. Susoeff was also ordered to pay a civil penalty in the amount of $144,566.

The SEC's litigation was led by Charles Canter and supervised by Douglas M. Miller of the Los Angeles Regional Office. The SEC's investigation was conducted by Kelly C. Bowers and supervised by Robert H. Conrrad of the Los Angeles Regional Office, with assistance from Rachita Gullapalli and Nicolas Lopez in the Division of Economic and Risk Analysis.