The Securities and Exchange Commission (“SEC”) issued an Order #3-18410 dated March 27, 2018 barring Wedbush Securities Inc. broker Timary Delorme (CRD#: 736418, Los Angeles, California) from engaging in brokerage or investment advisory activities. Specifically, Delorme, 60, submitted an Offer of Settlement to the SEC, eventually agreeing to pay $50,000 and permanently refrain from broker or advisory activities to resolve SEC’s allegations against her including securities fraud.
SEC: Timary Delorme Schemed To Defraud Investors Through Manipulative Trading
Evidently, Delorme, a forty-year Wedbush Securities Inc. registered representative, engaged in a fraudulent scheme along with Izak Kirk Engelbrecht, who is also identified as Zirk De Maison. Supposedly, Delorme met Engelbrecht in 2008 and engaged in fraudulent activities with him until 2014. Eventually, SEC charged Engelbrecht with violating federal securities laws. Later, Engelbrecht pleaded guilty to committing securities fraud, wire fraud, and conspiracy to commit wire fraud.
SEC found that Delorme participated in a “pump and dump” scheme that involved the use of microcap stocks from Engelbrecht-controlled issuers. Supposedly, Delorme’s involvement in the scheme included making purchases of microcap stocks for Wedbush Securities Inc. customers. According to the SEC, Delorme traded to manipulate stock prices and volume. Specifically, Delorme kept stocks high through buying them to attain a level market price. She also falsified trading volume in the microcap stocks through because it consisted of her matched trading. Additionally, SEC stated that Delorme solicited and advised customers to buy the microcap stocks Engelbrecht controlled. As a result, Engelbrecht indirectly compensated Delorme for making the transactions.
Timary Delorme, Wedbush Settle SEC’s Charges Of Pump And Dump Scheme
Notably, SEC stated that Delorme violated Sections 17(a) and (3) of the Securities Act; and Sections 9(a)(2) and 10(b) of the Securities Exchange Act. Also, SEC stated that Delorme violated Rules 10b-5(a) and (c). Needless to say, Wedbush Securities Inc. discharged Delorme for her fraudulent activities. Moreover, SEC issued an Order #3-18411 on March 13, 2019, fining Wedbush $250,000 for failing to supervise Delorme’s manipulative trading activities.
Evidently, on January 31, 2017, eight individuals, including Engelbrecht, were sentenced to prison for penny-stock fraud. Specifically, the United States Attorney for the Northern District of Ohio announced that Engelbrecht would be going to jail for at least 12 years. Supposedly, his fraudulent scheme involved Gepco Ltd., Lenco Mobile, Kensington Leasing Ltd., Lustros Inc., and Casablanca Mining. The United States Attorney’s Office reported that collectively, the defendants artificially controlled prices. Critically, little to no money was used to fund the companies Engelbrecht manipulated. Evidently, the scheme, which raised $54,000,000 from investors, caused $39,000,000 in losses.
Between October 17, 2012 and May 29, 2018, four customers disputed Delorme’s sales practices. For example, check out some recent disputes involving Delorme:
May 29, 2018 Arbitration Alleging Timary Delorme’s Fraud, Breach Of Fiduciary Duty
On May 29, 2018, a customer of Wedbush Securities Inc. filed Arbitration #18-01923. Supposedly, the customer alleged that Delorme or the firm breached a fiduciary duty and violated an investment agreement. Also, the customer claimed Delorme or the firm committed fraud in connection with the customer’s OTC trades. As a result, the customer alleged $250,000 in this ongoing matter.
August 3, 2017 Arbitration Alleging Timary Delorme’s Misrepresentation, Breach Of Contract
A Wedbush Securities Inc. customer contested Delorme’s sales practices by filing Arbitration #17-01923. Allegedly, Delorme misrepresented investments which the customer purchased. Not only that, but Delorme supposedly failed to disclose material information about the investments. Allegedly, this customer was also victim to Delorme or the firm’s fraudulent scheme. While this may be true, the claim is unresolved. Lars Soreide Highest Ethical Standard Award 2018
Investors who have incurred losses by investing with Wedbush Securities Inc. broker Timary Delorme should contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and firms.
Investors potentially experienced sales practice violations by securities broker Matthew R. Carbray [CRD: 4565811, Northampton, Massachusetts], based on public information on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Carbray has worked for Kestra Investment Services LLC since July 21, 2006, and Kestra Advisory Services LLC since April 19, 2016. Continue reading to learn more about Carbray’s […]
Investors apparently complained about securities broker Juan Pablo Benavides [CRD: 4288007, Miami, Florida], given the public information found on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Benavides has worked for Merrill Lynch as a securities broker since November 22, 2000, and as a financial advisor since March 15, 2004. See below to find out more about […]
Investors potentially incurred losses because of securities broker Sandy Meyer Leff [CRD: 1796695, Atlanta, Georgia], according to information disclosed through Financial Industry Regulatory Authority (FINRA) BrokerCheck. Leff has worked for Carter Terry Company Inc. as a securities broker since October 6, 2016, and as a financial advisor since October 21, 2016. Keep reading to discover […]
Contact us Nationwide USA
2401 E. Atlantic Blvd., Suite 305, Pompano Beach, FL 33062