SEC v. Timbervest, LLC Shapiro and others (2014)

On appeal

Checked against the primary document on October 2, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, with sampled and disputed records read a second time. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

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In August 2014 an SEC administrative law judge found that Timbervest, an investment adviser, and four of its principals violated the Advisers Act in prohibited transactions including undisclosed fees on timberland sales, and ordered them jointly to disgorge $1,899,348.49 plus interest. The respondents sought review.

The record

Structured fields for this action, as recorded in our case library.
Agency	SEC
Release number	3-15519
Date filed	2014-08-20
Date resolved	2014-08-20
Court	SEC administrative law judge
Status	appealed
Venue	NYSE
Criminal parallel	No
Bars imposed	officer-and-director bar, registration bar
Defendants	Timbervest, LLC Shapiro (entity) ; Joel Barth Boden (individual) ; Walter William Anthony, III Zell (individual) ; Donald David, Jr. Jones (individual) ; Gordon, II (individual)
Cited as charged or alleged	Advisers Act s.206 (statutes and rules cited in the document; not a finding that they were violated)
Techniques

What was ordered

Civil penalty: —
Disgorgement: $1.9m
Prejudgment interest: —
Total relief: $1.9m
Alleged gain: —

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The Securities and Exchange Commission published the initial decision on August 20, 2014 (administrative proceeding 3-15519).

The decision finds violations of Sections 206(1) and 206(2) of the Advisers Act, including disposition fees earned on the Tenneco Core and Kentucky Lands transactions, and orders a cease-and-desist and joint and several disgorgement of $1,899,348.49 with interest to be calculated.

The matter does not involve insider trading, so that tag has been removed. A prejudgment interest figure of $131,094 previously shown is the amount the Division requested for one transaction, not an amount ordered.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

Timeline

2014-08-20 Initial decision

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Record added September 10, 2026. submit a correction.