Nashville Resident Barred From Working as Investment Adviser, Fined $10,000

NASHVILLE –The Tennessee Department of Commerce and Insurance’s (TDCI) Securities Division announces that Nashville resident Clarence Andrew Elcan has been permanently barred from working as an investment adviser or broker in Tennessee and must pay a $10,000 fine as part of his punishment stemming from a separate drug and money-laundering criminal case.

Elcan, who is a former securities investment broker and portfolio manager, gained illegal access to client account information and conducted trades while banned from using the T.D. Ameritrade trading platform, violating terms of a Cease and Desist Order that resulted from his criminal charges.

“The Department is committed to protecting Tennessee investors,” said TDCI Assistant Commissioner for Securities Frank Borger-Gilligan. “We will continue to identify and investigate those found breaking the state’s security laws. We urge consumers to contact us if they believe they have been the victim of fraud.”

A copy of the final consent order involving Elcan is available here.

Tennesseans are encouraged to visit TDCI’s website where they can inspect disciplinary actions and verify licenses of securities and insurance professionals.

If you suspect that you might be a victim of securities or insurance fraud, or if you would like to file a complaint or speak with an investigator, please contact the Tennessee Securities Division – Financial
Services Investigations Unit at (615) 741-5900. To file a complaint online, visit https://tn.gov/commerce/article/securities-file-a-complaint.

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