UNITED STATES SECURITIES AND EXCHANGE COMMISSION

IA Release 40-4963 / July 10, 2018: The Securities and Exchange Commission ("Commission") deems it appropriate and in the public interest that public administrative and cease-and-desist proceedings be, and hereby are, instituted pursuant to Sections 203(e) and 203(k) of the Investment Advisers Act of 1940 ("Advisers Act") against HBA Advisors, LLC ("HBA") and Jaime Enrique Biel ("Biel") (collectively, "Respondents"). The Commission finds that these proceedings arise out of HBA's violations and Biel's causing HBA's violations of the testimonial rule under the Advisers Act, which states that it shall constitute a fraudulent, deceptive, or manipulative act, practice, or course of business for any investment adviser registered with the Commission to publish, circulate or distribute any advertisement which refers to, among other things, any testimonial of any kind concerning the investment adviser. HBA violated, and Biel caused HBA to violate, the testimonial rule under the Advisers Act by publishing on the internet advertisements containing testimonials concerning HBA, Biel and the investment advice and services they render. The testimonials were available to the public on various websites, including Yelp.com and Facebook.com. By publishing statements containing client testimonials on the internet, HBA violated, and Biel caused HBA to violate, Section 206(4) of the Advisers Act and Rule 206(4)-1(a)(1) thereunder. HBA willfully violated and Biel caused HBA's violations of Section 206(4) of the Advisers Act and Rule 206(4)-1(a)(1) thereunder.

Order

Cease and Desist

Civil and Administrative Penalty(ies)/Fine(s)

$10,000.00

A FORMER CLIENT HAS EXPRESSED UNHAPPINESS WITH THE PERFORMANCE OF HIS ACCOUNT AND CLAIMS THAT THE TRADING STRATEGY USED IN HIS ACCOUNT DID NOT MEET HIS NEEDS.

$291,000.00

$95,000.00