Former Rhode Island Broker Charged in Alleged $11 Million Ponzi Scheme by SEC

PATRICK E. CHURCHVILLE (CRD# 2245842), a 46 year-old Barrington, Rhode Island former broker, was charged May 8, 2015, by the SEC in an alleged $11 million Ponzi scheme which occured from December 2010 - November 2012. Churchville faces several charges connected with his ClearPath Wealth Management firm, which included diverting $2.5 million in 2011 to buy himself a house, allegedly investing nearly $1 million of clients' money in a pharmaceutical product incubator fund for his own benefit, and transferring $30,000 into his own personal bank accounts. Additionally, some of the money lost by Churchville was lost in another $23-million Ponzi scheme according to the court documents.

According to the SEC, allegedly Churchville tried to cover up his shortfalls through a complex series of financial steps and tell his investors that at least a portion of their investments were intact, when, in fact, the money was gone.

The SEC is seeking from the federal court in a 110-point complaint, temporary and permanent injunctions against Churchville and ClearPath, and the SEC is seeking the return of investors' money, unspecified fines, and interest payments.

PATRICK E. CHURCHVILLE, according to FINRA's BrokerCheck, was previously registered with the following firms:

08/2009 - 02/2011 SPIRE SECURITIES, LLC (CRD# 144131) - PROVIDENCE, RI
04/2007 - 12/2007 MORGAN STANLEY & CO., INCORPORATED (CRD# 8209) - PROVIDENCE, RI
09/2004 - 04/2007 MORGAN STANLEY DW INC. (CRD# 7556) - PROVIDENCE, RI
03/2002 - 10/2004 WACHOVIA SECURITIES, LLC (CRD# 19616) - ST. LOUIS, MO
02/1997 - 04/2002 UBS PAINEWEBBER INC. (CRD# 8174) - WEEHAWKEN, NJ
09/1992 - 02/1997 OPPENHEIMER & CO., INC. (CRD# 630) - NEW YORK, NY

If you've experienced investment losses in this or other Ponzi-like schemes, call Soreide Law Group for a free consultation on how to potentially recover your losses at 888-760-6552. We represent our clients nationwide.