A former advisor who was convicted in a Ponzi scheme that centred around the acquisition of retiring brokers’ books has now also been banned by the U.S. Securities and Exchange Commission (SEC). In 2021, Parris pleaded guilty to one count of conspiracy to commit mail fraud. He was subsequently sentenced to 224 months in prison and ordered to pay US$106 million in restitution, along with a couple of his co-defendants. A final judgment was entered by consent against Parris in 2024, imposing a permanent injunction against him. Now, the SEC has also banned him from issuing and trading penny stocks, and banned him from associating with any broker, dealer, investment advisor and other registered firms.