The SEC has barred a former broker who allegedly lied to investors about his firm’s assets and clients, according to news reports.

Daryl Davis, who held a Finra license only until July 2003, founded the Parrish Group in 2007, WealthManagement.com writes.

In marketing materials the firm touted over $1 billion in assets but in fact “never managed any significant assets,” the SEC said, according to the web publication.

And the firm itself hadn’t been registered with the SEC since 2008, but in 2018 Davis nonetheless told one client who was receiving non-advisory services from Parrish that the firm was registered as an investment advisor, WealthManagement.com writes.

Moreover, while Davis claimed that Parrish had 14 employees, it only had one besides Davis himself, according to the regulator, WealthManagement.com writes.

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And while Davis touted that his clients included a “prominent business executive, professional athlete, pension and employee health system,” no one with those descriptions had ever been a client of Parrish, the SEC says, according to the web publication.

In addition to the bar, the SEC also censured the Parrish Group and ordered both to pay $184,767 in civil penalties, WealthManagement.com writes.