The US Securities and Exchange Commission has secured a final judgment by default in its broker fraud case against Demitrios Hallas. The former broker was charged by the regulator in April for allegedly trading unsuitable investment products in five customers’ accounts. The customers were unsophisticated investors with not much, if…
ServiceMesh Co-Founder Accused of Fraud The US Securities and Exchange Commission has filed charges against Eric Pulier, the co-founder of ServiceMesh (SMI) and a former IT executive at Computer Sciences Corporation (CSC). According to the regulator, Pulier bilked CSC of $98M related to its acquisition of SMI. The SEC contends…
Former LPL Broker Indicted for $850K Securities Fraud and Theft Sonya Camarco, an ex-LPL (LPLA) financial broker, has been indicted in Colorado on seven counts of theft and six counts of securities fraud. She is accused of taking over $850K in client funds for her own use between 1/2013 and…
The US Securities and Exchange Commission has filed civil charges against former Alexander Capital brokers who are accused of making unsuitable recommendations that garnered them commissions while causing investors to sustain significant losses. All three men, Rocco Roveccio, William Gennity, and Laurence Torres, are based in New York. Because there…
According to The Wall Street Journal, news that the US Securities and Exchange Commission’s electronic filing system was hacked is raising concerns of what rogue traders may do if they gained market-moving information before the news went public. This week, the SEC disclosed that that its Electronic Data Gathering, Analysis,…
State Street Resolves SEC Fraud Charges for $35M To settle charges brought by the US Securities and Exchange Commission, State Street (STT) will pay over $35M to resolve charges accusing the financial firm of overcharging transition management customers in secret, purportedly making $20M in improper revenue in the process, and…
Ex-Amazon Employee and Former College Schoolmate Accused of Insider Trading The US Securities and Exchange Commission has brought civil insider trading charges against Brett Kennedy and Maziar Rezakhani. Kennedy, an ex- Amazon financial analyst, is accused of leaking confidential information to Rezakhani, who was a former fraternity brother, prior to…
SEC Charges SunTrust With Collecting Over $1.1M in Excess Mutual Fund Fees The US Securities and Exchange Commission has filed charges accusing SunTrust Investment Services of collecting over $1.1M in unwarranted fees from mutual fund clients. The SunTrust Banks subsidiary will pay an over $1.1M penalty to resolve the regulator’s…
Financial Adviser Who Bilked Athletes, Including Mike Tyson, is Sentenced Former SFX Financial Advisory Management Enterprises financial advisor Brian Ourand is sentenced to thirty years behind bars after he bilked a number of professional athletes, including former heavyweight champion Mike Tyson, ex-NBA basketball players Glen Rice and Dikembe Mutombo, and…
In federal court in Boston, Howard Present, the former CEO and co-founder of F-Squared Investments Inc. is on trial over civil exchange-traded fund fraud charges brought against him by the US Securities and Exchange Commission. Present is accused of lying about the firm’s flagship product, the AlphaSector model portfolio, to…