SEC Bars Advisor Who Claimed $11.5 Trillion in Assets Under Management

A former financial advisor who claimed to manage nearly $11.5 trillion in assets has been banned from the industry.

The Securities and Exchange Commission formally barred Ruben Williams from associating with any advisor, broker, or other registered entities in the securities field. The SEC won a judgment against the former advisor last month in federal court, which included a civil penalty of more than $33,000. It had initially brought charges against Williams last fall, citing glaring overstatements on his firm’s Form ADV…