The Securities and Exchange Commission announced October 9, 2026 that New York-based investment adviser SQN Capital Management LLC and its president and majority owner, Jeremiah Silkowski, settled charges under the Investment Advisers Act. The SEC filed the case September 18, 2026 in the Southern District of New York, and the court entered consent judgments on October 8.
The SEC’s complaint alleges that from at least 2019 through 2025 the defendants breached their duties to four funds they managed. It says they did not have the funds’ annual financial statements audited, and that the only asset valuations were prepared by Silkowski alone, not by the independent valuation expert investors were told about. The SEC alleges he kept net asset values unchanged for years regardless of the assets’ performance, and repeatedly told investors without a reasonable basis that liquidation would soon be completed. The complaint says that left investors without access to their money.
The SEC also says SQN Capital was charged in 2020 and 2023 in settled administrative proceedings over failures to deliver audited financial statements, and that the conduct continued.
Neither defendant admitted or denied the allegations. Both consented to a court order appointing a receiver to liquidate the funds’ assets and distribute net proceeds to investors, and to permanent injunctions. Silkowski must pay a $200,000 civil penalty and is permanently barred from acting as or associating with an investment adviser, broker or dealer, except as the receiver needs his help.