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Syndicated Capital, Inc.: investment adviser
Syndicated Capital, Inc. is an investment adviser registered with the SEC (file 801-129421, CRD 29037). What it reports on Form ADV: assets and clients, fees, owners, disciplinary history and its client brochure. From the SEC's Investment Adviser Public Disclosure site; read Oct 21, 2026.
- Assets managed
- $142.0M
- Discretionary
- 96%
- Accounts
- 465
- Employees
- 12
- In advisory roles
- 9
- Disclosures
- 5
Company page · SEC adviser record · Full Form ADV (PDF)
The firm reports that it or a related person has custody of client cash and securities.
Form ADV Part 1A, Item 5, as filed on the SEC Investment Adviser Public Disclosure site; read Oct 21, 2026.
Clients and fees
Whom the firm advises and how it is paid, from Items 5.D, 5.E and 5.G.
| Client type | Clients | Assets | Share |
|---|---|---|---|
| Individuals | 438 | $79.5M | 56.0% |
| High net worth individuals | 27 | $62.5M | 44.0% |
How it is paid
- A percentage of assets under your management
- Fixed fees (other than subscription fees)
- Other: 12B1; NTF mutal fund service fees
Services
- Financial planning services
- Portfolio management for individuals and/or small businesses
Who owns it
Schedule A lists direct owners of 5% or more (and officers who own a stake); Schedule B lists the owners of those owners.
Direct owners (Schedule A)
| Owner | Type | Role | Stake | Since | Control | Public company |
|---|---|---|---|---|---|---|
| SC Add Holdings, LLC | Company (U.S.) | Owner | D 50% to 75% | Sep 2020 | Yes | |
| Baines and Mcadams Living Trust | Company (U.S.) | Owner | C 25% to 50% | Jan 2011 | Yes |
Indirect owners (Schedule B)
| Owner | Owns a stake in | Type | Stake | Control | Public company |
|---|---|---|---|---|---|
| Heather Una Baines | Baines and Mcadams Living Trust LLC | Person | D 50% to 75% | Yes |
Form ADV reports ownership in bands, not exact stakes: A means 5% to 10%, B 10% to 25%, C 25% to 50%, D 50% to 75%, E 75% or more. F marks a general partner, trustee or managing member, a role that controls the firm without a percentage. Owners of less than 5% are not listed.
Form ADV Schedules A and B, via the SEC Investment Adviser Public Disclosure site.
Disciplinary history
What the firm disclosed under Item 11 of Form ADV. A disclosure is the firm's own report: pending matters are allegations, not findings, and many settlements are made without admitting or denying them. Text is quoted from the filing, set in sentence case.
Item 11 questions answered Yes
These questions cover the firm and its advisory affiliates.
- Has the SEC or the Commodity Futures Trading Commission (CFTC) ever: entered an order against you or any advisory affiliate in connection with investment-related activity?
- Has the SEC or the Commodity Futures Trading Commission (CFTC) ever: imposed a civil money penalty on you or any advisory affiliate, or ordered you or any advisory affiliate to cease and desist from any activity?
- Has any other federal regulatory agency, any state regulatory agency, or any foreign financial regulatory authority: ever found you or any advisory affiliate to have been involved in a violation of investment-related regulations or statutes?
- Has any other federal regulatory agency, any state regulatory agency, or any foreign financial regulatory authority: in the past ten years, entered an order against you or any advisory affiliate in connection with an investment-related activity?
- Has any self-regulatory organization or commodities exchange ever: found you or any advisory affiliate to have been involved in a violation of its rules (other than a violation designated as a "minor rule violation" under a plan approved by the SEC)?
Actions about the firm (3)
- Mar 27, 2019Regulatory Action: SEC FinalSanctions: Cease and Desist; Censure, disgorgement and restitution. · Fine: $38,991 · Begun Mar 11, 2019 · Resolved Mar 27, 2019 · Decision & Order of Offer of Settlement · Docket LA4958
Failure to fully disclose receipt of 12B1 payments in connection with the advisory clients' investments.
Same information as 12(a). Date paid is pending.
Client accounts are coding to rebating 12B1 to their accounts.
- Jul 14, 2014Regulatory Action: Connecticut FinalSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $10,000 · Begun Jul 14, 2014 · Resolved Jul 14, 2014 · Consent · Docket CO-14-7988B-S
On July 14, 2014, the banking commissioner entered a consent order (no. CO-14-7988B-S) with respect to Syndicated Capital, Inc., a Connecticut-registered broker-dealer located at 1299 ocean avenue, second floor, santa monica, California. From 2002 to 2006, the firm maintained a branch office at 152 deer hill avenue, suite 203, danbury, Connecticut, and employed stephen burton blankenship (CRD number 2234577) as a registered broker-dealer agent. Blankenship, the sole managing member and control person of deer hill financial group, LLC, also conducted tax preparation, financial planning and investment advisory services from the danbury location. Following allegations of unregistered investment advisory activity, fraud and misappropriation, the banking commissioner entered a consent order (docket no. CO-12-7988-S) with respect to blankenship and deer hill financial group, LLC on August 31, 2012. That consent order revoked blankenship's registration as a broker-dealer agent and permanently barred both blankenship and deer hill financial group, LLC from transacting securities business in or from Connecticut. In addition, the U.S. district court for the district of Connecticut fined blankenship $7,500, directed blankenship to make $607,516.81 in restitution and sentenced blankenship to 41 months in prison following blankenship's guilty plea to one count of federal mail fraud and one count of federal securities fraud (United States of america v. stephen blankenship, d. Conn. Case no. 3:12CR197 (VLB)). The consent order with Syndicated Capital, Inc. alleged that, in contravention of section 36B-31-6F of the regulations under the Connecticut uniform Securities Act, the firm failed to establish, enforce and maintain a system for supervising the activities of its agents, including blankenship, reasonably designed to achieve compliance with applicable securities laws and regulations.
See response to item 12b
No Information Filed Arbitration DRPs No Information Filed Bond DRPs No Information Filed Judgment/Lien DRPs No Information Filed Part 1B Item 1 - State Registration You must complete this Part 1B only if you are applying for registration, or are registered, as an investment adviser with any of the state securities authorities. Complete this Item 1 if you are submitting an initial application for state registration or requesting additional state registration(s). Check the boxes next to the states to which you are submitting this application. If you are already registered with at least one state and are applying for registration with an additional state or states, check the boxes next to the states in which you are applying for registration. Do not check the boxes next to the states in which you are currently registered or where you have an application for registration pending. Jurisdictions AL IL NE SC AK IN NV SD AZ IA NH TN AR KS NJ TX CA KY NM UT CO LA NY VT CT ME NC VI DE MD ND VA DC MA OH WA FL MI OK WV GA MN OR WI GU MS PA WY HI MO PR
- Aug 3, 2006Regulatory Action: NASD (now FINRA) FinalSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $5,000 · Begun Aug 3, 2006 · Resolved Aug 3, 2006 · Acceptance, Waiver & Consent(AWC) · Docket E0220040072-04
Firm was fined $5000 for net capital violation from 7/22/04-7/29/04. Ref. Section 15(c)of securities and Exchange Act of 1934(SEC rule)and NASD conduct rule 2110.
Firm was fined $5000 for net capital violation from 7/22/04-7/29/04. Total fine was paid on 07/17/2006.
Actions about affiliates (2)
- Jul 15, 2014Regulatory Action: State of Connecticut, Department of Banking, Securities and Business Investment Division FinalAbout an affiliate: Syndicated Capital, Inc.; the full record is on the affiliate's own Form ADVSanctions: Civil and Administrative Penalt(ies) /Fine(s); Syndicated, its officers, representatives, agents, employees, and successors in interest shall refrain from engaging, directly or · Fine: $10,000 · Begun Jul 15, 2014 · Resolved Jul 15, 2014 · Consent · Docket CO-14-7988B-S
Former registered rep, stephen blankenship, offered high rates of return on promissory notes. In reality, he engaged in a ponzi scheme.
Syndicated, it officers, representatives, agents, employees, affiliates, and successors in interest shall refrain from engaging, directly or indirectly, in conduct constituting or which would constitute a violation of the act or any regulation or order under the act, including failing to establish, enforce and maintain a system for supervising the activities of its agents and its CT office operations reasonably designed to achieve compliance with applicable securities laws.
Syndicated Capital reimbursed its share of money to the victims. The case is closed.
- Dec 27, 2011Regulatory Action: FINRA FinalAbout an affiliate: Lee, Faith; the full record is on the affiliate's own Form ADVSanctions: Suspension; Principals of the firm were suspensed in principal capacity for ten business days. · Fine: $15,000 · Begun Dec 27, 2011 · Resolved Dec 27, 2011 · Acceptance, Waiver & Consent(AWC) · Docket 2009018524501
NASD rules 2110, 3010, 3040(c): mcadams, his member firm, and lee, failed to reasonably supervise the participation of one of the firm's registered representatives in private securities transactions that the firm had received prior written notice of and approved, and failed to record these transactions on the firm's books and records. Mcadams is the chairman and sole owner of the firm. Mcadams was the person designated with the ultimate authority to determine whether a registered representative at the firm could engage in private securities transactions. Mcadams, on behalf of the firm, entered into a stock purchase agreement with a business entity, owned by a registered representative associated with the firm, for the sale of 100% of the stock of the firm. In connection with this agreement, the registered representative informed mcadams and another principal, in writing and orally, that the representative needed to raise funds to operate the branch office of the firm where the representative was working, and in order to finance the purchase of the firm. After the execution of the agreement, mcadams and the principal, acting on behalf of the firm, approved of the representative's participation in private securities transactions to raise money through the representative's business entity through the issuance of promissory notes. The representative raised $980,000 from the sale of promissory notes issued by the representative's business entity to some individuals. Mcadams, his firm and the principal, failed to supervise the representative's participation in the private securities transactions as if they were transactions of the firm or in a manner reasonably designed to achieve compliance with the laws, rules and regulations that applied to the representative's private securities sales away from the firm. Moreover, mcadams, his firm, and the principal, failed to ensure that the representative's private securities transactions were recorded on the books of the firm.
Principals of the firm were suspensed in principal capacity for ten business days.
The case is closed.
Form ADV Item 11 and its Disclosure Reporting Pages, via the SEC record. All adviser disciplinary records.
The brochure
Form ADV Part 2A: the plain-language document an adviser must give its clients. Each item is shown as filed; open an item to read all of it.
Form ADV Part II, filed Mar 31, 2026. Brochure PDF. Items: 4 · 5 · 6 · 7 · 8 · 9 · 10 · 11 · 12 · 13 · 14 · 15 · 16 · 17 · 18
Item 4. Advisory business
Syndicated Capital, Inc., ("SCI") a state registered investment advisor, has been in business since 2009. SCI is privately owned by SC ADD Holdings, LLC and H Baines & L McAdams Living Trust. SCI investment advisory services including money management, portfolio management and wealth management. SCI offers customized advisory services to the individual needs of clients on discretionary and non discretionary basis. Clients may impose restrictions on investing in certain securities or types of securities. These accounts would be managed in separate accounts and may be entitled to breakpoint, if applicable.
Read the rest of Item 4 (59 more words)
All material conflicts or interest under CCR Section 260.239(k) are disclosed regarding the investment adviser, its representatives or any of its employees, which could be reasonably expected to impair the rendering of unbiased and objective advice. As of December 31, 2025, SCI manages nearly $137 million dollars on discretionary basis and over $5 million dollars on non discretionary basis.
Item 5. Fees and compensation
Our standard fee is 2%. Clients can negotiate fees with the advisers. Clients pay ticket charges. Fees and ticket charges are negotiable with advisers. Advisers receive 12B-1 compensation for recommending certain mutual funds. Management fees are deducted from clients' accounts upon opening of the accounts; thereafter in January, April, July and October in advance of the calendar quarter. Management fees are deducted from the clients' accounts. Pershing generates statements that indicate the total asset value for the quarter and the amount of the fees deducted. Clients may request full fee refund, in writing, within the first 5 business days following execution of investment advisory agreement. Thereafter, refunds are prorated. Clients may pay custodian fees and mutual fund expenses.
Read the rest of Item 5 (61 more words)
Clients will incur brokerage and transaction costs. Details are available in Item 12 (Brokerage Practices) and new account applications. Management fees are charged in advance, based on the average of previous quarter's three-month-end balances multiplied by the annual fee rate as adjusted to reflect a calendar quarter period and that lowers fees for comparable services may be available from other sources.
Item 6. Performance-based fees and side-by-side management
Syndicated Capital, Inc. does not accept performance-based fees or side-by-side management.
Item 7. Types of clients
Syndicated Capital, Inc. provides investment advice to individuals, trusts, corporations and 401K plans. Syndicated Capital, Inc. does not impose minimum balance when opening accounts or maintenance requirement.
Item 8. Methods of analysis, investment strategies and risk of loss
Investment strategies are based on clients' investment objective, risk tolerance, time horizon along with unique circumstances. Investing in securities involves risk of loss that clients should be prepared to bear. Past performance is not indicative of future results. Clients invest in publicly traded equities, ETFs, fixed income and mutual funds by managing risk and creating balanced portfolios. Syndicated Capital, Inc. does not offer any proprietary or particular type of security or product or hedge funds. Although Syndicated Capital makes every effort to preserve each client's capital and achieve real growth of wealth, investing in the securities involve risk of loss that each client should be prepare to bear.
Read the rest of Item 8 (246 more words)
Investors working with Syndicated Capital advisers may lose money and success cannot be guaranteed. There are risks associated with all investment products. These risks include: Market Risk The prices of the securities may decline for a number of reasons including in response to economic development and perceptions about the creditworthiness of individual issuers. Management Risk Investment strategies that involve active management is subject to management risk. These strategies might not work to produce the desired results. Interest Rate Risk In general, the value of bonds and other debt securities falls when interest rates rise. Longer term obligations are usually more sensitive to interest rate changes than shorter term obligations. Credit Risk The issuers of the bonds and other debt securities held in customer portfolios may be able to make interest or principal payments. Prepayment Risk Issuers of securities held in customer portfolios may be able to prepay principal due on these securities, particularly during periods of declining interest rates. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, and may offer a greater potential for loss when interest rates rise. Prepayment risk is a major risk of mortgage-backed securities. Risks Associated with Mortgage-Backed Securities These risks include Market Risk, Interest Rate Risk, Credit Risk, Prepayment Risk as well as the risk that the structure of certain mortgage-backed securities may make their reaction to interest rates and other factors difficult to predict, making their prices very volatile.
Continues on page 20
Item 9. Disciplinary information
FINRA fined SCI $5,000 for a net capital violation in 2004 as a result of unauthorized trades executed by a former branch office. SCI is in full compliance with FINRA's net capital requirement of $100,000. FINRA fined SCI $15,000 in 2012 for failure to reasonable supervise the participation of a former registered representative's private securities transactions and failure to record these transactions on the books and records. In July 2014, State of Connecticut imposed a $10,000 administrative penalty in connection with a former registered representative who engaged in a Ponzi scheme while affiliated with Syndicated Capital in 2006. The above events occurred with the broker dealer of Syndicated Capital, Inc. and had no impact on the investment advisory activities or its clients.
Read the rest of Item 9 (42 more words)
In March 2019, SCI voluntarily reported omissions of fact made to some clients regarding potential conflicts of interest in some mutual fund classes. SCI assumed responsibility, including paying disgorgement and prejudgment interest to affected investors. For additional information, please visit https: www.sec.gov/litigation/admin/2019/ia-5181.pdf
Item 10. Other financial industry activities and affiliations
Syndicated Capital, Inc. is an independent broker dealer, member FINRA/SIPC. Management persons are dual registered with the broker dealer and investment advisory firm. J Lloyd McAdams is also affiliated with Pacific Income Advisers (PIA), an SEC registered investment advisory firm. J Lloyd McAdams is a general partner to his personal limited partnerships. They are not open to the public nor outside investors are permitted. J Lloyd McAdams does not solicit, service or manage any SCI advisory accounts. Faith Lee, Pamela Kim and Patrick Lee do not solicit or manage any SCI advisory accounts. They provide services limited to operations related activities. Steve Thornton does not solicit, service or manage any SCI advisory accounts.
Read the rest of Item 10 (30 more words)
Heather Baines does not solicit, service or manage any SCI advisory accounts. SCI does not offer any special or preferred arrangements to PIA. SCI does not receive compensation from PIA.
Item 11. Code of ethics, participation in client transactions and personal trading
If Syndicated Capital, Inc. recommends securities to clients, or buys or sells securities for client accounts, at or about the same time that Syndicated Capital or a related person buys or sells the same securities for own account, Syndicated Capital will aggregate the same securities and allocate them accordingly based on average executed prices. A copy of the code of ethics is available upon request.
Item 12. Brokerage practices
Syndicated Capital, Inc. does not exchange research reports for soft dollar benefits. Since 2003, Syndicated Capital, Inc. has maintained a fully disclosed clearing agreement with Pershing LLC. Therefore, all clients are directed to open accounts with Pershing. It offers comprehensive products and cost effective solutions. Clients have online access as well as paperless confirmations and statements. Paper Confirmation $1/confirmation Paper Statement $2/statement Ticket & Handling Charges Equities $28 ETFs Fixed Income 29 Mutual Funds 24 Retirement accounts are assessed $60/year/account. See new account application for details. Syndicated Capital, Inc.
Read the rest of Item 12 (132 more words)
may aggregate the purchase or sale of securities for various client accounts when multiple clients are executing the same securities on the same day. In early 2026, Syndicated Capital added Charles Schwab ("Schwab") as another custodian to only hold investment advisory accounts. The trades will be executed through Schwab. Schwab may charge commissions or fees when clients trade directly with its trading desk, Syndicated Capital does not have the ability to negotiate them on clients' behalf. Clients should contact Syndicated Capital investment professionals for their investment needs and guidance. Both custodians offer comprehensive products and services to meet clients' investment needs. Clients are not required to open accounts with Pershing or Schwab as they may not achieve most favorable executions of client transactions, and that this practice may cost clients more money.
Item 13. Review of accounts
Accounts are reviewed by a compliance and back office principal as they occur and as clients' financial profiles change, including but not limited to investment objective, risk tolerance and time horizon. Principal includes Faith Lee. Account reviews take place periodically.
Item 14. Client referrals and other compensation
Syndicated Capital, Inc. does not offer client referral compensation when clients custody their assets with Pershing. Syndicated Capital pays Pershing to custody clients' assets and other services. Syndicated Capital receives an economic benefit from Schwab in the form of the support products and services it makes available to Syndicated Capital and other independent investment advisors whose clients maintain their accounts at Schwab. In addition, Schwab has also agreed to pay for certain products and services for which Syndicated Capital would otherwise have to pay once the value of its clients' assets in accounts at Schwab reaches a certain size. Clients do not pay more for assets maintained at Schwab as a result of these arrangements.
Read the rest of Item 14 (103 more words)
However, Syndicated Capital benefits from the arrangement because the cost of these services would otherwise be borne directly by Syndicated Capital. Clients should consider these clients of interest when selecting a custodian. The products and services provided by Schwab, how they benefit Syndicate Capital, and the related conflicts of interest are described in Item 12 - Brokerage Practices. On a case-by-case basis, clients may receive reduced management fees when clients refer others to Syndicated Capital, Inc. This is directly negotiated with the investment adviser. In State of Washington, clients do not receive reduced management fees when clients refer others to Syndicated Capital, Inc.
Item 15. Custody
Under government regulations, Syndicated Capital is deemed to have custody of clients' assets. For example, clients authorize Syndicated Capital to instruct Pershing or Schwab to deduct investment advisory fees directly from client accounts. Pershing or Schwab maintains actual custody of clients' assets. Therefore, clients' written approval to withdraw quarterly management fees are maintained on file. . Clients will receive confirmations and account statements directly from Pershing or Schwab at least quarterly. They will be sent to the email or postal mailing address clients provide to Pershing or Schwab. Clients should carefully review them.
Item 16. Investment discretion
Syndicated Capital, Inc. accepts discretionary authority to manage securities accounts on behalf of clients. Discretion is limited to trading only. All discretionary accounts require executed limited trading authorization on file.
Item 17. Voting client securities
Syndicated Capital, Inc. does not respond to proxy voting on behalf of clients. Clients will receive their proxies or other solicitations directly from their custodians or transfer agents. Clients can contact Syndicated Capital or the servicing investment adviser with questions related to the information they have received.
Item 18. Financial information
Syndicated Capital, Inc. does not require or solicit prepayment of more than $500 in fees per client, six months or more in advance.
Form ADV Part 2A, via the SEC Investment Adviser Public Disclosure site.