From February 2006 through July 2011, Respondent Brian Bjork, served as Managing Member, Chief Investment Officer, and Chief Compliance Officer of Select Asset Management, LLC, an investment adviser registered first with Texas and then with the SEC.  From January 2004 through July 2011, he also was a registered rep associated with broker-dealers. On 8/25/11, his luck finally ran out with a final judgment that barred him from the industry. According to the SEC complaint, from 2004 through July 2011, Bjork offered securities in 2 fraudulent securities schemes, raising about $52 million combined.  In the first scheme, more than 100 investors invested $39mn on the belief they were purchasing corporate and other bonds issued by highly-rated issuers.  None were ever acquired. In the second scheme, Bjork offered securities issued by 2 private funds at Select Asset, raising approximately $13 million from at least 52 investors. The 2 funds, which Bjork controlled, commingled investor money, failed to provide promised financial statements, and transferred money to fund-affiliated entities in transactions undisclosed to investors. Moreover, in the affiliate loans, the funds disregarded due-diligence and loan-approval procedures promised in fund documents given to investors. [SEC '34 Act Release 65520, 10/7/11]