On September 11, 2013, the Securities and Exchange Commission, SEC, entered final judgments by consent against Owen Mark Williams and True North Finance Corporation, f/k/a CS Financing Corporation, in a Minnesota federal court, in a civil injunctive action, filed by the SEC on September 21, 2010. This judgment against Williams requires him to pay a $40,000 civil penalty according to a press-release by the SEC.
The SEC alleged that True North and its CFO, overstated revenue in True North's filings with the SEC in 2008 and 2009. Owen M. Williams caused True North to improperly recognize revenue on interest from borrowers where the borrowers were not paying True North and where the borrowers' impaired financial condition meant that collectability was not assured. The SEC alleged that this recognition of revenue were not accepted accounting principles and also departed from True North's revenue recognition policy, which stated that the company would not recognize revenue when the payment of interest was 90 days past due.
If you lost your investment in True North Financing Corporation please contact Soreide Law Group at (888) 760-6552.
A customer dispute that settled for $80,000 on July 16, 2026 is the newest entry on the BrokerCheck report of Stephen Kerutis (CRD 2345517). The clients in that matter alleged unsuitable recommendations, and Truist Investment Services is the firm on the disclosure.
Steven Graham (CRD 1977736) denies the allegations in a pending customer claim filed on August 11, 2026. The disclosure names Western International Securities as the firm, and the claim involves corporate bonds. No arbitrator has ruled on it. His BrokerCheck report also lists a settled bond dispute and a federal court matter from earlier years.
A claim filed on September 11, 2024 names Thomas Hamlin (CRD 2208505) over a 10% Senior Unsecured Note in iCap Fund III. Every disclosure on his BrokerCheck report involves an iCap private placement and names Somerset Securities as the firm. Each one settled, and a settlement is not an admission of wrongdoing.
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