Robert Newell
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U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26553 / May 14, 2026 Securities and Exchange Commission v. Robert Newell and Black Hawk Funding, Inc. , No. 5:24-cv-01524 (C.D. Cal. filed July 22, 2024) SEC Obtains Final Judgment as to Fund Manager Who Misappropriated Investor Money On May 7, 2026, the U.S. District Court for the Central District of California entered a final judgment as to fund manager Robert Newell in the SEC’s civil enforcement action against him. The SEC’s complaint, filed on July 22, 2024, alleged that Newell and his prior firm, Black Hawk Funding, Inc., raised approximately $37.7 million from more than 200 investors for the disclosed purpose of investing in the cannabis industry. Rather than using the money in the stated manner, the defendants allegedly engaged in various undisclosed and unauthorized misuses of investor funds, including making Ponzi-like payments and paying for the expenses of unrelated entities. The complaint also alleged that Newell misappropriated approximately $668,000 of investor money for his own personal benefit. Without admitting or denying the allegations made in the SEC’s complaint, Newell consented to a bifurcated judgment, entered by the Court on August 11, 2025, which permanently enjoined Newell from violating Section 17(a) of the Securities Act of 1933; Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder; and Sections 206(1), 206(2), and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder. The final judgment orders Newell liable for disgorgement in the amount of $668,300, plus prejudgment interest thereon of $254,067, and a civil penalty of $668,300. The final judgment also enjoins Newell for five years from directly or indirectly participating in the issuance, purchase, offer, or sale of any security, except for purchases or sales for his own personal accounts. The SEC’s litigation was led by Alfred A. Day and David H. London of the Boston Regional Office. The SEC’s investigation was conducted by John Roscigno and supervised by Jason H. Lee of the San Francisco Regional Office. Resources <ul class="field
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"District Court for the Central District of California entered a final judgment as to fund manager Robert Newell in the SEC’s civil enforcement action against him."
"Robert Newell and Black Hawk Funding, Inc. , No. 5:24-cv-01524 (C.D."
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"The final judgment orders Newell liable for disgorgement in the amount of $668,300, plus prejudgment interest thereon of $254,067, and a civil penalty of $668,300."
"The final judgment orders Newell liable for disgorgement in the amount of $668,300, plus prejudgment interest thereon of $254,067, and a civil penalty of $668,300."