Hemming Morse and forensic accounting experts Greg Regan and Travis Armstrong were retained by the Securities and Exchange Commission in connection with its investigation and enforcement action involving Barrington Asset Management, Inc. and Gregory D. Paris.

In its June 2021 complaint, the SEC alleged that Mr. Paris engaged in “cherry-picking,” a term used to describe delayed trade allocation in which trades with more favorable outcomes, such as more profitable trades, are disproportionately allocated to an adviser’s personal accounts while trades with less favorable outcomes are allocated to client accounts. The SEC alleged that the conduct resulted in improper gains for Mr. Paris at his clients’ expense.

Hemming Morse’s team conducted extensive data analysis of trading activity across multiple years, brokerages, and accounts. Their work included statistical testing such as Monte Carlo simulation analyses designed to evaluate trading outcomes for Mr. Paris and client accounts. Ultimately, Greg Regan’s expert report was submitted in connection with the SEC’s civil enforcement action in the U.S. District Court for the Northern District of Illinois.

In February 2026, the SEC announced that the civil enforcement action had been resolved through a settled administrative proceeding. This engagement illustrates Hemming Morse’s experience applying forensic accounting, data analytics, and statistical methods in complex matters.