- September 17, 2026
- Uncategorized
Adviser’s Background
Parker Terrill Austin (CRD #: 6270114) has 12 years of industry experience and was previously registered as both an investment adviser and a broker. He was most recently associated with Embarcadero Capital Advisors, Inc. (CRD #: 329285) in San Francisco, CA, from January 10, 2024 to August 25, 2026. Austin’s registration history also includes January Capital Advisors LLC (CRD #: 177514), San Francisco, CA, from September 18, 2020 to December 26, 2023, and Edward Jones (CRD #: 250), San Francisco, CA, from March 10, 2014 to September 9, 2020.
Termination from January Capital Advisors
On December 4, 2023, January Capital Advisors LLC disclosed Austin’s discharge, with the allegations described as: “Violations of firm policies and procedures related to the safekeeping of client records and adherence to fiduciary duty.”
SEC Enforcement Action
On September 10, 2025, the SEC filed a civil complaint against Austin, alleging: “Starting at latest in the Spring of 2023, Parker Terrill Austin, an investment adviser, intended to leave his then-current employer (‘Firm A’) and start his own investment advisory firm, which ultimately became known as Embarcadero Capital Advisors, Inc. (‘Embarcadero’). Several of the actions Austin took to create, and to obtain clients for, Embarcadero violated the federal securities laws. While at Firm A, Austin emailed to his personal email address Firm A clients’ nonpublic personal information. He also, on at least four occasions, sent or caused to be sent additional personal information about clients (including investment account and billing information) to his personal email address. On at least one occasion, Austin forwarded Firm A clients’ nonpublic personal information to his future business partner at Embarcadero, who was not affiliated with Firm A. By doing so, Austin aided and abetted Firm A’s violation of Rule 10 of Regulation S-P, which prohibits investment advisers from disclosing nonpublic personal information about a consumer to a nonaffiliated third party unless certain conditions are met. Austin also repeatedly placed Firm A clients in a strategy the firm’s investment committee had not approved, without notifying at least some of the clients and, in several cases, dramatically increasing their exposure to equities and, consequently, risk. Austin placed at least one client in investments that were contrary to that client’s instructions, breaching his fiduciary duty to that client. … Defendants then engaged in a scheme to fraudulently induce clients to join Embarcadero. This scheme involved a series of misrepresentations to clients and prospective clients about the reason for Austin’s termination from Firm A.”
The matter was resolved by judgment on September 10, 2025, with sanctions including civil and administrative penalties, an injunction, and undertakings.
Final Judgment, Three-Year Bar, and Civil Penalty
On August 19, 2026, the SEC obtained a final, consented-to judgment against Austin. The SEC’s allegations underlying that judgment state: “The SEC alleged that Parker Terrill Austin violated Sections 206(1), 206(2), and 207 of the Investment Advisers Act of 1940 and aided and abetted violations of Rule 10 of Regulation S-P. Specifically, the SEC alleged that Austin misappropriated client nonpublic personal information from his prior employer, placed clients in unauthorized investment strategies, and made material misrepresentations about his termination history in client communications and in SEC filings on behalf of Embarcadero Capital Advisors, Inc.” The resolution is recorded as a consent bar: Austin is barred, directly or indirectly, from acting as or being associated with any broker, dealer, or investment adviser for a period of three years, from August 19, 2026 to August 19, 2029. Additional sanctions include a cease-and-desist order and a civil and administrative penalty of $118,225.00.
Separation from Embarcadero
On August 17, 2026, Embarcadero Capital Advisors, Inc. disclosed Austin’s separation from the firm, with the termination type recorded as “Permitted to Resign,” and the allegations described as: “SEC allegations of violations of the Investment Advisers Act of 1940 §§ 206(1), 206(2), and 207 (investment-related fraud and material misrepresentations) and aiding and abetting violations of Regulation S-P Rule 10. Final Judgment entered August 19, 2026 in SEC v. Parker Terrill Austin and Embarcadero Capital Advisors, Inc., Case No. 8:25-cv-02034-FWS-KES.”
For Parker Terrill Austin’s full disclosure record, view his SEC IAPD record or FINRA BrokerCheck report.
An Investment Adviser’s Fiduciary Duty to Clients
Investment advisers owe their clients a fiduciary duty under the Investment Advisers Act of 1940 — the highest standard of care recognized under federal securities law. That duty requires an adviser to act in the client’s best interest at all times, to place client interests ahead of the adviser’s own, and to avoid conflicts of interest or, at minimum, to fully and fairly disclose them. An adviser who places a client in investments that conflict with the client’s explicit instructions, or who prioritizes personal business interests over a client’s own objectives, may be in breach of that fiduciary duty.
Advisers and their firms are also subject to Regulation S-P, the SEC’s rule governing the privacy of consumer financial information. Firms are required to safeguard clients’ nonpublic personal information and are prohibited from disclosing that information to a nonaffiliated third party without providing a privacy notice and a reasonable opportunity to opt out.
Clients who worked with an adviser subject to a regulatory action have a right to understand what occurred, whether their own account was affected, and what recovery options may be available to them.
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies, and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at 800.931.8452 or by email at mwolper@wolperlawfirm.com
Attorney Matthew Wolper
Matt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]