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 unauthorized trades in customers account
18
Milton Ault Fined and Suspended by FINRA
Comments off · Posted by Securities Lawyer in FINRA
Milton Charles Ault III (CRD #2157788, Registered Principal, Fountain Valley, California)
was fined $75,000, he was suspended from association with any FINRA member in any capacity for two years and Ault was ordered to pay $312,916.06, plus interest, in restitution to investors. This fine must be paid either immediately upon Ault’s reassociation with a FINRA member firm following his suspension, or prior to the filing of any application or request for relief from any statutory disqualification, whichever is earlier.
Without admitting or denying FINRA’s findings, Ault consented to the described sanctions and to the entry of findings that he effected transactions in customer accounts (and also the relatives of two of the customers) without the customers’ prior knowledge, authorization or consent.
FINRA’s findings stated that Ault failed to remit payment for a securities transaction to a customer and failed to deliver securities to the customer.
Milton Charles Ault’s suspension is in effect from May 7, 2012, through May 6, 2014.
(FINRA Case #2008016157101)
Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented many clients nationwide. If you or a family member sustained investment losses due to your stock broker or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.
Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
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18
FINRA Fined and Barred Delray Beach, FL Rep
Comments off · Posted by Securities Lawyer in FINRA
Alan Jay Davidofsky (CRD #1389312, Registered Representative, Delray Beach, Florida)
has been fined by FINRA in the amount of $11,741.78, which represents disgorgement, and he has been barred from association with any FINRA member in any capacity.
These sanctions were based on the findings that Davidofsky made unauthorized transactions in his customer’s account, controlled the customer’s Individual Retirement Account (IRA), and made excessive number of trades in the account. This was inconsistent with the customer’s financial circumstances and investment objectives.
FINRA’s findings stated that Davidofsky implemented this high level of trading to benefit himself, not his customer. Davidofsky had lost accounts and was under increasing financial pressure to increase his numbers to meet his member firm’s expectations.
The findings also stated that Davidofsky excessively traded the customer’s account deliberately, thereby churning her account.
The decision has been appealed to the NAC, and the sanctions are not in effect pending the appeal.
(NRA Case #2008015934801)
This information was obtained on FINRA’s website,”Disciplinary and Other Actions, June, 2012.”
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