SEC v. Marlon Quan and Stewardship Investment Advisors, LLC (2015)

Judgment entered

Checked against the primary document on October 4, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, with sampled and disputed records read a second time. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

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In January 2015 an SEC administrative law judge barred Marlon Quan by default and revoked Stewardship Investment Advisors, LLC's registration, following a Minnesota jury verdict and injunction for misleading hedge fund investors about safeguards and Thomas Petters' defaults. The money on this record comes from the earlier Minnesota federal judgment that the decision recites, not from the administrative judge, who ordered no payment.

The record

Structured fields for this action, as recorded in our case library.
Agency	SEC
Release number	3-16226
Date filed	2015-01-30
Date resolved	2015-01-30
Court	SEC administrative law judge
Status	judgment
Asset class	bonds
Criminal parallel	No
Defendants	Marlon Quan (individual) ; Stewardship Investment Advisors, LLC (entity)
Cited as charged or alleged	Advisers Act s.206 ; Exchange Act s.10(b) and Rule 10b-5 ; Securities Act s.17(a) (statutes and rules cited in the document; not a finding that they were violated)
Techniques

What was ordered

Civil penalty: —
Disgorgement: $80.6m
Prejudgment interest: $16m
Total relief: $96.6m
Alleged gain: —

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 initial decision relies on the district court's findings: the firm and Quan jointly owe $80,613,589 in disgorgement, with the judgment later amended to add more than $16 million of prejudgment interest. Investors in the funds lost over $221 million in the Petters Ponzi scheme.

The Petters scheme was another person's; Quan is found liable for misrepresenting safeguards and concealing defaults, not for operating a Ponzi scheme, so the ponzi-schemes tag has been removed. The $80,613,589 disgorgement and the prejudgment interest are the district court's award, restated in the decision as the basis for the bar; the administrative judge imposed no money. The disgorgement figure was missing from the record.

Timeline

2015-01-30 Initial decision

Primary documents

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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.

Same matter

The library links these 2 records because they appear to concern one matter: the same lead defendant, an overlapping technique tag and close filing dates, or a shared court docket or a release that cites the other. Records are listed by date filed.

Date filed	Agency	Record	Status
2014-10-30	SEC	SEC v. Marlon Quan and Stewardship Investment Advisors, LLC (2014)	Judgment entered
2015-01-30	SEC	SEC v. Marlon Quan and Stewardship Investment Advisors, LLC (2015)(this record)	Judgment entered

This grouping is the library's, made by matching names, techniques, dates and citations when the site is built. It is not the regulator's or a court's determination that the records are one case, and it errs towards missing a link rather than making a false one.

Record added September 10, 2026. submit a correction.