The Securities and Exchange Commission (SEC) has obtained a final judgement by default against former broker, DEMITRIOS HALLAS (CRD#: 4199832). The SEC charged Hallas with "knowingly or recklessly trading unsuitable investment products" in the accounts of five of his clients and allegedly stealing more than $170,000 from one of them. The SEC alleges Hallas deposited the clients’ funds into his own personal bank accounts instead of investing the funds for his clients and spending the money on his own personal expenses.
The decision from the SEC ordered Hallas to pay $549,987.64 in disgorgement, prejudgment interest, and civil penalties.
The SEC first brought the charges in April. The alleged products included leveraged exchange-traded funds and exchange-traded notes. The SEC alleged that Mr. Hallas' clients included unsophisticated investors with modest incomes.
According to FINRA’s BrokerCheck, DEMITRIOS HALLAS, has 8 Disclosures on his report. Hallas had been in the industry for 11 years, and in those 11 years was listed with 13 firms, the most recent below:
08/03/2015 - 12/03/2015 PHX FINANCIAL, INC - NEW YORK, NY
10/01/2014 - 07/28/2015 FOREFRONT CAPITAL MARKETS LLC - NEW YORK, NY
05/06/2013 - 06/03/2014 SANTANDER SECURITIES LLC - NEW YORK, NY
07/09/2012 - 05/06/2013 AEGIS CAPITAL CORP. - NEW YORK, NY
06/27/2011 - 03/26/2012 CHASE INVESTMENT SERVICES CORP. - NEW YORK, NY
If you were a former client of New York broker, DEMITRIOS HALLAS, and experienced financial losses due to his actions or recommendations, call Soreide Law Group for a no cost consultation with a lawyer regarding the possible recovery of your losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents clients nationally before FINRA and we operate on a contingency fee basis. Let our experience work for you.
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