Quest Education L.L.C.; Daniel Blue; David Christopher White; Keitoh Jordan Spears

U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26580 / July 6, 2026 Securities and Exchange Commission v. Quest Education L.L.C., et al. , No. 2:25-cv-00105 (D. Nev. filed Jan. 17, 2025) SEC Obtains Final Consent Judgment as to Las Vegas Financial Education Company and Three Las Vegas Residents for Allegedly Acting as Unregistered Brokers On June 29, 2026, the United States District Court for the District of Nevada entered a final consent judgment against Las Vegas-based financial education company Quest Education L.L.C., its principal and control person Daniel Blue, and former employees David Christopher White and Keitoh Jordan Spears, for allegedly acting as unregistered securities brokers and selling unregistered securities. The SEC’s complaint alleged that Quest touted itself as an investor education company that assisted its customers in setting up self-directed retirement accounts so that they could invest in alternative investments. According to the complaint, in reality, Quest’s largest revenue driver was the commission payments it received from third parties in exchange for soliciting Quest customers to invest in unregistered securities offerings. As alleged, between October 2019 and April 2023, Quest solicited its customers to invest in unregistered securities offerings issued by at least eight issuers and received approximately $2.5 million in commissions from various companies in exchange for its customers’ investments. The complaint further alleged that Blue often worked closely with the companies to understand their business models and funding needs so that Quest could more effectively market the entities’ investment opportunities. The complaint also alleges that, while working for Quest, White and Spears promoted various unregistered offerings and each received over $200,000 in commissions in connection with their customers’ investments. According to the SEC’s complaint, during the time they promoted and received commissions from these unregistered offerings, the defendants were neither registered as brokers or dealers with the SEC nor associated with brokers or dealers registered with the SEC. Without admitting the allegations in the SEC’s complaint, the defendants each consented to the entry of the final judgment, in which each defendant is permanently enjoined from violating Section 5 of the Securities Act of 1933 and Section 15(a)(1) of the Securities Exchange Act of 1934. In addition, the final judgment permanently enjoins Defendant Blue from directly or indirectly, including, but not limited to, through any entity owned or controlled by him, participating in the issuance, purchase, offer, or sale of any security. The final judgment also orders Defendants Blue and Spears to each pay a civil penalty of $11,823. The SEC’s investigation was conducted by Andrew Mason and Tiffany Kunkle, and supervised by Thomas B. Bosch, all of the SEC’s Atlanta Regional Office. The SEC’s litigation was led by Kristin Murnahan and supervised by M. Graham Loomis. Resources <ul class="field