SEC News
- SEC Charges Chicago-Area Father and Son Conducted Cherry-Picking Scheme at Investment Firm May 16, 2013FOR IMMEDIATE RELEASE2013-90 Washington, D.C., May 16, 2013 — The Securities and Exchange Commission today charged a father and son and their Chicago-area investment advisory firm with defrauding clients through a cherry-picking scheme that garnered them nearly $2 million in illicit profits, which they spent on luxury homes, vehicles, and vacations. Addition […]
- SEC Names Keith F. Higgins as Director of Division of Corporation Finance May 15, 2013FOR IMMEDIATE RELEASE2013-89 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today named Keith F. Higgins as the new director of the agency’s Division of Corporation Finance. Mr. Higgins comes to the SEC from the law firm of Ropes & Gray LLP where he is a partner in its Boston office with 30 years of experience advising public com […]
- SEC Names Lona Nallengara as Chief of Staff May 15, 2013FOR IMMEDIATE RELEASE2013-88 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today announced that Lona Nallengara has been named the agency’s chief of staff. Mr. Nallengara came to the SEC in March 2011 and served as deputy director for legal and regulatory policy in the Division of Corporation Finance until he was appointed in Decemb […]
- SEC Charges China-Based Executives in Scheme to Overstate Revenues and Divert Money for Personal Use May 15, 2013FOR IMMEDIATE RELEASE2013-87 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today charged husband-and-wife executives at a China-based company with engaging in a scheme to overstate the company’s revenues and divert proceeds from a securities offering for their personal use. Additional Materials SEC Complaint The SEC alleges that RIN […]
- SEC, FINRA Issue Investor Alert On Pension or Settlement Income Streams May 9, 2013FOR IMMEDIATE RELEASE2013-86 Washington, D.C., May 9, 2013 — The Securities and Exchange Commission and the Financial Industry Regulatory Authority (FINRA) today issued an investor alert entitled Pension or Settlement Income Streams – What You Need to Know Before Buying or Selling Them. The investor alert informs investors about the risks involved when selli […]
TAG | broker doing private securities transactions
Michael John Hester (CRD #3044429, Registered Representative, Tampa, Florida)
was barred from association with any FINRA member in any capacity.
Without admitting or denying the findings, Hester consented to the described sanction and to the entry of findings that he engaged in a private securities transaction by accepting checks totaling $20,000 from individuals to purchase shares in an entity, without providing written notice to, or receiving approval from, his member firm.
FINRA’s findings stated that the individuals never received their shares.
Hester deposited the checks into a bank account he controlled and converted the funds to his own use and benefit.
(FINRA Case #2010023562201)
The above information is from FINRA’s website listed under “Disciplinary and Other FINRA Actions, October, 2012.”
Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, represents clients nationwide. For a free consultation on how to potentially recover your financial losses please call: 888-760-6552, or you may visit our website and complete the online form at: http://www.securitieslawyer.com.
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18
FINRA Fines and Suspends Boca Raton Rep
Comments off · Posted by Securities Lawyer in FINRA
David Marasek (CRD #2866848, Registered Representative, Boca Raton, Florida)
submitted a Letter of Acceptance, Waiver and Consent in which he was fined $5,000 and suspended from association with any FINRA member in any capacity for 10 business days. Without admitting or denying the findings, Marasek consented to the described sanctions and to the entry of findings that he participated in private securities transactions, not for compensation, for some of his member firm’s foreign customers through another broker-dealer.
Marasek exercised limited trading authority in the customers’ accounts.
These findings also stated that Marasek did not provide his firm with written notice of the proposed transactions at the other brokerdealer and his proposed role therein, and failed to receive his firm’s prior written approval
to participate in the private securities transactions. The findings also stated that Marasek’s supervisor was aware that he was assisting the firm’s customers with liquidating their stock, but not aware of Marasek’s limited trading authority.
The suspension was in effect from July 16, 2012, through July 27, 2012. (FINRA Case #2010022695202)
This information appeared on FINRA’s website under “Disciplinary and Other FINRA Actions, September, 2012.”
Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, represents clients nationwide before FINRA. For a free consultation on how to potentially recover your financial losses call: 888-760-6552, or you may visit our website and complete our online form at: http://www.securitieslawyer.com.
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