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TDCI: Knoxville Investment Advisor Must Pay $480,000 in Civil Penalties

Stanfill Permanently Barred from the Securities Industry
Thursday, August 15, 2019 | 07:12am

NASHVILLE – The Tennessee Department of Commerce & Insurance’s (TDCI) Securities Division announces that a Knoxville investment advisor has been permanently barred from working in the securities industry and must pay over $480,000 in civil penalties and court costs.

Jacqueline Stanfill, who formerly owned Stanfill Wealth Management LLC, is currently serving nine years in federal prison for charges related to misappropriating over $8 million in investors’ funds. She pleaded guilty in 2016 to wire fraud, mail fraud and money laundering. In addition to being sentenced to 108 months in federal prison, Stanfill was previously ordered to pay over $8 million in restitution to her victims.

TDCI’s legal team could only begin seeking additional civil penalties at the conclusion of the investigation, which occurred in 2018.  Additional delays occurred after Stanfill contested the Department’s hearing and requested a continuance until her release from prison. A copy of the final order can be found here.

“With the conclusion of the investigation in 2018, our legal team began moving to take additional actions against Jacqueline Stanfill for the fraud that she perpetrated against Tennessee investors,” said Interim TDCI Commissioner Carter Lawrence. “The Department’s additional civil penalties send a strong message that individuals who violate state securities laws do so at their own financial and legal peril. Securities laws are in place to protect the public.”

Consumers who suspect they might be a victim of securities or insurance fraud should 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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