In May 2025, the Utah Division of Securities issued an Emergency Order to Cease and Desist (Case No. SD-25-006) naming Hedgehog Investments LLC and multiple associated entities and individuals. Among those named were current and former investment adviser representatives (IARs) affiliated with Stronghold Capital Partners LLC, including Jason Leon Stock (CRD #6314780). The allegations and regulatory actions stemming from this case have important implications for investors who may have lost money through Hedgehog promissory notes or related investment offerings.
Who is Jason Leon Stock?
Jason Leon Stock is a registered investment adviser representative currently employed by Stronghold Capital Partners LLC (CRD #315763), with registration beginning in August 2021. According to his IAPD (Investment Adviser Public Disclosure) report, he has passed the Series 65 exam and is registered in six U.S. jurisdictions. He does not currently hold any principal/supervisory or general securities licenses.
Importantly, Stock’s IAPD record shows one regulatory disclosure: the Utah Emergency Order to Cease and Desist issued in May 2025.
The Allegations: Hedgehog Investments and Unregistered Securities
The emergency cease-and-desist order alleges that Hedgehog Investments and its network of sales agents—including those affiliated with Stronghold—were involved in the offering and sale of unregistered securities in the form of high-interest Hedgehog promissory notes. According to the Utah Division of Securities, these investments:
- Promised interest rates ranging from 12% to 49%.
- Were marketed as safe, short-term, income-producing investments.
- Were sold to over 300 investors, totaling more than $54 million raised.
The order alleges that investor funds were misused or diverted for purposes not disclosed to investors and that earlier investors were paid with money from new investors—a red flag commonly associated with Ponzi-like structures.
Stronghold Advisors Named in the Regulatory Action
In addition to Jason Stock, two other Stronghold-affiliated IARs—Jared Prazen and Thiel Ruperto—were also named in the regulatory filing. Each of their IAPD profiles includes disclosures related to the Utah order, indicating they may have acted as unlicensed agents and sold unregistered securities without proper disclosures.
The order specifically references a “solicitor agreement” between Hedgehog Investments and Stronghold Wealth Partners LLC, suggesting that advisors were compensated for referrals in a manner not compliant with securities laws. Such arrangements, if not properly disclosed and documented, may constitute serious violations.
Civil Lawsuit and Continuing Investigations
In a parallel development, Stronghold Wealth Partners filed a federal lawsuit in September 2025 against Hedgehog Investments, alleging breach of contract. While this legal action does not directly resolve the regulatory claims, it underscores the fractured relationship between the parties involved and suggests internal disputes over liability or investor losses.
As of this writing, there is no publicly available resolution to the Utah cease-and-desist order. The case remains active, with no final settlement, consent order, or adjudication published by the Utah Division of Securities.
What Should Investors Do?
If you or someone you know invested in Hedgehog Notes or related promissory note offerings through Jason Stock, Stronghold Capital Partners, or Stronghold Wealth Partners, you may be entitled to legal recourse. Key steps you can take include:
- Review Your Investment Documents: Examine any subscription agreements, offering memoranda, and marketing materials.
- Check for Disclosures: Confirm whether you were properly informed of risks, fees, or conflicts of interest.
- Contact an Investment Fraud Attorney: Law firms such as Haselkorn & Thibaut are currently investigating these claims and may be able to help recover lost funds.
- Report to Regulators: You can file complaints with your state securities regulator or the SEC.
Red Flags Identified in This Case
Several major red flags suggest that investor protections may have been compromised:
- Unlicensed Sale of Securities: Hedgehog promissory notes were allegedly sold without registration or valid exemption.
- High-Yield Promises: Investments offering double-digit returns in short timeframes are often riskier than disclosed.
- Misuse of Investor Funds: Allegations of misappropriated funds suggest potential fraud.
- Regulatory Action: The emergency order from Utah demonstrates that state authorities found sufficient cause to intervene.
Why Choose Haselkorn & Thibaut
Haselkorn & Thibaut, P.A. is a nationwide law firm focused exclusively on investment fraud recovery. With over 50 years of combined legal experience and a 95% success rate, we offer investors trusted, confidential, and effective representation. Our attorneys are investigating claims involving Hedgehog Investments and Stronghold advisors, including Jason Leon Stock.
Free Case Evaluation
If you suffered losses tied to investments with Jason Leon Stock, Stronghold Capital Partners, or Hedgehog Investments, contact Haselkorn & Thibaut today for a free, confidential case review. There are no fees unless we recover money for you.
Visit www.investmentfraudlawyers.com or call 1-800-856-3352 to speak directly with an experienced investment fraud attorney.
