Demitrios Hallas Accused By SEC Of Selling Unsuitable Investments
The SEC accused former broker Demitrios Hallas with trading leveraged Exchange Traded Funds (ETFs) and Exchange Traded Notes (ETNs) in clients' accounts and swindling $170,000 from one of his clients. The Commission claims he trade one hundred seventy-nine daily leveraged ETFs and ETNs in client accounts from September 2014 to October 2015, creating $128,000 in fees and commissions. At the same time, his clients lost around $150,000. It also states that he used the swindled cash to pay for rent, restaurant tabs, credit card bills, and student loan payments. The complaint alleges that Hallas systematically disregarded his client's objectives and continued to trade in high risk investments that were not consistent with their goals or risk tolerances. The complaint also states that the customers were unsophisticated, having little to no investing experience and modest assets. One such client entrusted Demitrios Hallas with his retirement from working as a baker, taxi driver and garbage truck driver. A second was a retired [...]