SEC v. Isaiah L. Goodman (2021)

Settled

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In February 2021 the SEC charged former Minneapolis-area adviser Isaiah Goodman with taking more than $2.25 million from advisory clients. On February 19, 2021 he consented to a permanent injunction, and in March 2021 the SEC barred him from the securities industry by consent. An SEC notice lists a later qualifying judgment or order dated November 22, 2021, but the amounts are not stated in the pages we read.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

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Alleged gain

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A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The SEC announced the complaint on February 9, 2021 (LR-25026) in the District of Minnesota, covering September 2018 to November 2020, through Becoming Financial Advisory Services, LLC. He was charged under Section 17(a), Section 10(b), Rule 10b-5 and Advisers Act Sections 206(1) and 206(2); the complaint alleged some clients received Ponzi-like payments.

The Ponzi tag is removed because the release is headed misappropriation of client funds, with Ponzi-like payments a detail.

Outcome. An SEC administrative order of March 22, 2021 (IA-5700) records that on February 19, 2021 the Minnesota court entered a permanent injunction against Goodman by consent, covering the antifraud provisions of the Securities Act, the Exchange Act and Rule 10b-5 and Advisers Act Sections 206(1) and 206(2). In that order, which he settled without admitting or denying the findings, the Commission barred him from association with any investment adviser, broker, dealer, municipal securities dealer, municipal advisor, transfer agent or rating organization. Separately, the SEC's whistleblower notice for the case lists November 22, 2021 as the date of a qualifying judgment or order, meaning one with monetary sanctions over $1 million; the notice does not give the amounts, so none are recorded here and we did not read that order. The SEC release had also reported a parallel criminal case, and we did not open a primary source for the criminal outcome.

Timeline

1. 2021-02-09 Litigation release published
2. 2021-02-19 Consent injunction entered (reported in SEC order IA-5700)
3. 2021-03-22 SEC bars Goodman from the industry by consent (IA-5700)
4. 2021-11-22 Qualifying judgment or order dated in SEC whistleblower notice

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEC litigation release
• SEC order IA-5700: Goodman barred (cites consent injunction)
• SEC whistleblower notice 2021-131 (qualifying judgment date)

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Record added September 10, 2026. submit a correction.