In 2019, a defendant was accused by the SEC of improperly registering a purported investment adviser that had no assets under management and making material misrepresentations to prospective investors. While that defendant was settling those allegations with the SEC, he apparently was at it again, forming a new adviser and a new fund, as well as making new misrepresentations to prospective investors. Early in 2020, the SEC commenced another action against the defendant and the new adviser, seeking to enforce the 2019 settlement order (2019 Order) and asserting that the defendant and adviser had engaged in new fraudulent conduct. Although the defendant’s egregious conduct, if true, was clearly fraudulent, the action highlights the SEC’s strong stance against recidivist behavior. This article reviews the 2019 Order; the SEC’s recent complaint; and the terms of the final judgments. For an example of another recidivist investment adviser, see “Repeat Custody Rule Offenders Face Severe SEC Sanctions” (Dec. 10, 2015).