Andrew Scott Corbman

U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26428 / December 3, 2025 Securities and Exchange Commission v. Andrew Scott Corbman, No. 1:25-cv-01630 (E.D. Va. filed Sept. 29, 2025) SEC Obtains Final Judgment Against Former Registered Representative and Investment Adviser for Conducting a $4.15 Million Fraudulent Scheme On October 3, 2025, the Securities and Exchange Commission obtained a final judgment [LINK] against Andrew Scott Corbman, a Virginia-based former registered representative with several broker-dealers registered with the Commission and investment adviser representative, who was charged with conducting a $4.15 million fraudulent scheme. According to the SEC’s complaint, from 2019 through 2023, Corbman convinced multiple investors, including retired military officers and a retired federal civil servant, to purchase more than $4 million of securities in the form of “Loan Agreements” by making false and misleading statements about his investment track record, the riskiness of the investments, and the use of investor funds. The complaint alleges that Corbman misrepresented to investors that his past investments generated substantial returns when, in fact, his trading losses exceeded $3 million. The Complaint further alleges that while touting his purported professional accomplishments, Corbman failed to inform investors that he had previously filed for personal bankruptcy, had a lengthy Financial Industry Regulatory Authority disciplinary history culminating in fines and disbarment, and lost his Virginia insurance business license following an investigation by state regulators. Further, rather than investing funds as promised, Corbman allegedly misused investors’ funds by engaging primarily in extremely high-risk trading and misappropriating funds to pay his own personal expenses including, among other things, payments of back taxes and credit card debt, and attorney fees for lawyers who represented him in bankruptcy proceedings. Corbman consented to the entry of the final judgment which permanently enjoins him from violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and from acting as or being associated with any broker, dealer, or investment adviser. The final judgment also ordered him to pay disgorgement in the amount of $4.15 million, with such amount deemed satisfied by a restitution order in a parallel criminal case, United States v. Corbman, No. 1:24-cr-00255 (E.D. Va.). The SEC's investigation was conducted by Jennifer Miller, under the supervision of Kingdon Kase and Scott A. Thompson, with the assistance of trial counsel Judson Mihok and Spencer Willig under the supervision of Gregory Bockin, all of the SEC’s Philadelphia Regional Office. The SEC appreciates the assistance of the U.S. Attorney's Office for the Eastern District of Virginia. Resources <ul class="field