The Securities and Exchange Commission today charged a Houston-based broker with engaging in unauthorized and unsuitable trading on behalf of two Florida municipalities, putting them at risk of losing millions of dollars while he reaped commissions of more than $14 million for himself.The SEC’s complaint alleges that Harold H.
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SEC Charges Houston Broker Dealer with Defrauding Florida Municipalities
December 29th, 2009 
Before You Invest 
Posted in Finance Fraud 
Tags: Angeles Regional Office, Broker Dealer, Brokerage Firm, City Of Kissimmee, Complaint Alleges That, First Allied Securities Inc, Florida Municipalities, Fraudulent Practice, Interest Rate Changes, Investment Objectives, Orlando Fla, Personal Gain, Repurchase Agreements, Sec Charges, Securities And Exchange Commission, Trading Strategy, U S Treasury, U S Treasury Bonds, Water Authority, Zero Coupon 
No Comments »Compliance officer admits fraud charges
July 22nd, 2009 Before You Invest A former chief compliance officer at a US brokerage firm has pleaded guilty to playing a part in a $554 million fraud.Deborah Duffy, 54, who previously worked for WG Trading in Connecticut, admitted illegally transferring over $100 million to the company’s partners, Paul Greenwood and Stephen Walsh.The pair had been arrested in February on suspicion of running a fraud scam for a decade, in which they used clients’ money for their own personal gain.Duffy, who was charged with conspiracy to commit securities fraud and wire fraud, securities fraud and money laundering, told the court that her actions “caused investors to receive fake information, which I knew was against the law,” Reuters reports.She is due to be sentenced in January of next year and could face up to 20 years in prison.In related news, Morgan Stanley has agreed to pay the Securities and Exchange Commission a $500,000 settlement in relation to charges of misleading its customers.
Posted in Finance Fraud Tags: 100 Million, Brokerage Firm, Chief Compliance Officer, Conspiracy, Decade, Duffy, False Information, Fraud Charges, Money Laundering, Morgan Stanley, Paul Greenwood, Personal Gain, Related News, Reuters, Securities And Exchange, Securities And Exchange Commission, Securities Fraud, Stephen Walsh, Suspicion, Wire Fraud No Comments »
