Hba Advisors, Llc

Allegations: HBA WILLFULLY VIOLATED1 AND BIEL CAUSED HBA'S VIOLATIONS OF SECTION 206(4) OF THE ADVISERS ACT AND RULE 206(4)-1(A)(1) THEREUNDER, WHICH STATES THAT IT SHALL CONSTITUTE A FRAUDULENT, DECEPTIVE, OR MANIPULATIVE ACT, PRACTICE, OR COURSE OF BUSINESS FOR ANY INVESTMENT ADVISER REGISTERED OR REQUIRED TO BE REGISTERED UNDER THE ADVISERS ACT, DIRECTLY OR INDIRECTLY, TO PUBLISH, CIRCULATE, OR DISTRIBUTE ANY ADVERTISEMENT WHICH REFERS, DIRECTLY OR INDIRECTLY, TO ANY TESTIMONIAL OF ANY KIND CONCERNING THE INVESTMENT ADVISER OR CONCERNING ANY ADVICE, ANALYSIS, REPORT OR OTHER SERVICE RENDERED BY SUCH INVESTMENT ADVISER. Status: Final Sanction Detail: RESPONDENT HBA SHALL PAY A CIVIL PENALTY OF $15,000 TO THE SECURITIES AND EXCHANGE COMMISSION FOR TRANSFER TO THE GENERAL FUND OF THE UNITED STATES TREASURY, SUBJECT TO EXCHANGE ACT SECTION 21F(G)(3). PAYMENT SHALL BE MADE IN THE FOLLOWING INSTALLMENTS: (I) $3,750 WITHIN 10 DAYS OF THE ENTRY OF THIS ORDER; AND (II) TEN MONTHLY INSTALLMENTS OF $1,125 WITHIN 90, 120, 150, 180, 210, 240, 270, 300, 330 AND 360 DAYS OF THE ENTRY OF THIS ORDER BIEL SHALL PAY A CIVIL PENALTY OF $10,000 TO THE SECURITIES AND EXCHANGE COMMISSION FOR TRANSFER TO THE GENERAL FUND OF THE UNITED STATES TREASURY, SUBJECT TO EXCHANGE ACT SECTION 21F(G)(3). PAYMENT SHALL BE MADE IN THE FOLLOWING INSTALLMENTS: (I) $2,500 WITHIN 10 DAYS OF THE ENTRY OF THIS ORDER; AND (II) TEN MONTHLY INSTALLMENTS OF $750 WITHIN 90, 120, 150, 180, 210, 240, 270, 300, 330 AND 360 DAYS OF ENTRY OF THIS ORDER. Summary: THESE PROCEEDINGS ARISE OUT OF HBA'S VIOLATIONS AND BIEL'S CAUSING HBA'S VIOLATIONS OF THE TESTIMONIAL RULE UNDER THE ADVISERS ACT, WHICH STATES THAT IT SHALL CONSTITUTE A FRAUDULENT, DECEPTIVE, OR MANIPULATIVE ACT, PRACTICE, OR COURSE OF BUSINESS FOR ANY INVESTMENT ADVISER REGISTERED WITH THE COMMISSION TO PUBLISH, CIRCULATE OR DISTRIBUTE ANY ADVERTISEMENT WHICH REFERS TO, AMONG OTHER THINGS, ANY TESTIMONIAL OF ANY KIND CONCERNING THE INVESTMENT ADVISER. HBA VIOLATED, AND BIEL CAUSED HBA TO VIOLATE, THE TESTIMONIAL RULE UNDER THE ADVISERS ACT BY PUBLISHING ON THE INTERNET ADVERTISEMENTS CONTAINING TESTIMONIALS CONCERNING HBA, BIEL AND THE INVESTMENT ADVICE AND SERVICES THEY RENDER. THE TESTIMONIALS WERE AVAILABLE TO THE PUBLIC ON VARIOUS WEBSITES, INCLUDING YELP.COM AND FACEBOOK.COM. BY PUBLISHING STATEMENTS CONTAINING CLIENT TESTIMONIALS ON THE INTERNET, HBA VIOLATED, AND BIEL CAUSED HBA TO VIOLATE, SECTION 206(4) OF THE ADVISERS ACT AND RULE 206(4)-1(A)(1) THEREUNDER.