A Baker City investment adviser is now at the center of twin federal showdowns, with civil and criminal cases unfolding after regulators say he quietly siphoned off client stock and sold it for himself. Court records describe a long-running pattern touching more than a dozen investor accounts over several years, drawing the attention of both the Securities and Exchange Commission and federal prosecutors.
According to The Oregonian/OregonLive, federal prosecutors allege Jeffrey Thomas Higgins diverted about $1.6 million worth of client shares between December 2007 and June 27, 2024. The charging documents say 12 accounts belonging to 14 investors were hit and that Higgins pitched steep "discounts" on purchases while routing accurate account statements to a post office box he controlled.
The Securities and Exchange Commission followed up with a civil complaint on April 6, 2026. In a litigation release, the agency says Higgins misappropriated more than $800,000 in client securities through what it describes as a sham program that funneled transfers into accounts under his control. The SEC is asking a federal judge for injunctions, disgorgement with prejudgment interest, and civil penalties.
Civil Case Lands On Federal Docket
The SEC lawsuit is pending in the U.S. District Court for the District of Oregon under case No. 2:26-cv-00676. Court records show the complaint was filed April 6 and a scheduling order has already been entered, putting the case on a formal litigation track. The public docket, including the complaint and scheduling entries, is available through Justia Dockets & Filings.
Criminal Charge And First Day In Court
On the criminal side, prosecutors have filed a separate case. As reported by The Oregonian/OregonLive, a criminal information charges Higgins with one count of investment-adviser fraud. The outlet reports that Higgins made his initial appearance before U.S. Magistrate Judge Jeffrey Armistead, where a federal public defender entered a not-guilty plea on his behalf, and that a jury trial is tentatively set for June 16, 2026.
Regulatory Past Comes Into Focus
Higgins’ regulatory record is also surfacing. He was discharged by Western International Securities on June 27, 2024, and his public adviser profile shows he has been barred from the securities industry, according to the SEC’s Investment Adviser Public Disclosure database. That profile, along with related BrokerCheck entries, lists several investor disputes and FINRA action tied to allegations of misappropriation and to a regulator’s document requests.
What Investors Can Do Now
Clients who suspect they may have been caught up in the alleged scheme should hang on to account statements, emails, and any written communications, and may want to talk with a securities attorney about potential recovery or how to participate in any enforcement efforts. You can review an adviser’s background through FINRA’s BrokerCheck and find investor education tools and complaint instructions at Investor.gov.
The allegations add up to a rare, years-long enforcement saga emerging out of Eastern Oregon and now developing on both regulatory and criminal tracks. Both the SEC complaint and the criminal information remain just that - allegations. The cases are still pending in federal court and will move forward through the usual rounds of filings, hearings, and, potentially, trial.
