After an investigation by the SEC, local financial advisor Julie Darrah has agreed to pay back the millions of dollars she misappropriated from her clients.
According to court documents filed Wednesday, Darrah reached a deal with the U.S. Securities and Exchange Commission and will pay back any “ill-gotten” gains she embezzled from clients she financially advised between November 2017 and July 2023.
Last month, the SEC sued Darrah saying two of her victims were elderly widowed sisters whom she defrauded out of over a million dollars.
The complaint alleges that Darrah opened bank accounts in their names and transferred money to herself and the businesses she co-owns.
Amid the SEC’s investigation, those businesses, including Cubs & Crumbs and the Homestead Deli in Orcutt, were forced to close. As of Thursday, they have yet to reopen.
Prior to her legal entanglements, Darrah had been working as an advisor for Orcutt-based Wealth Enhancement Group.
In a statement, the company’s public relations office said they are conducting their own internal review of the situation and that the safety and security of their clients’ assets is their number one priority.
The court filings also state that Darrah is now banned from selling or offering securities or acting as a trustee.
KSBY News reached out to both Darrah’s attorney and the SEC for comment but did not hear back.