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FINRA December 2015 Disciplinary Actions: Part III

Denny P. Darmodihardjo (Roswell, GA) submitted an AWC in which he was assessed a deferred fine of $25,000 and suspended from association with any FINRA member in any capacity for 18 months. FINRA found that he engaged in excessive and unsuitable trading in a customer’s accounts. The findings stated that Darmodihardjo made recommendations for the accounts of the customer who, at the time, was a retiree in his late seventies living on a fixed income and caring for his adult child. Darmodihardjo used this control to excessively trade the accounts in a manner that was inconsistent with the customer’s investment objectives, financial situation and needs. The findings also stated that Darmodihardjo recommended unsuitable short-selling and margin use in transactions for the same customer. Despite losses being incurred in the customer’s accounts, Darmodihardjo did not cease the active trading strategy. The suspension is in effect from October 19, 2015, through April 18, 2017. Anthony Clyde Gray (Baton Rouge, LA) submitted an AWC [...]

By |December 28th, 2015|FINRA, Fraud, Press Releases & News|
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FINRA August 2015 Disciplinary Actions: Part I

Dempsey Lord Smith, LLC and Jerry Eskel Dempsey, Jr. of Rome, Georgia submitted a letter of acceptance, waiver and consent ("AWC") in which the firm was censured and fined $10,000. Dempsey is joint and severally liable for half of that with the firm. Similarly, Dempsey was fined $10,000, half of which the firm is joint and severally liable for with Dempsey. According to FINRA, the firm through Dempsey, its CEO and Financial and Operations Principal, failed to establish a proper escrow account for the maintenance of investor funds relating to numerous securities offerings, despite the fact the firm participated in all of the offerings and received customer funds. Rather, the firm let investor funds become commingled in lawyer escrow accounts the issuers had set up. Dempsey allegedly sent emails to potential investors in relation to solicitations to sell bonds issued by an affiliate of the firm that had promissory statements that were not fair and balanced. The firm also failed [...]

By |September 15th, 2015|FINRA, Press Releases & News, SEC|
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New Jersey Group Accused Of Defrauding Investors Out Of $3M

Less than one week after a New Jersey father and son were arrested for an alleged short sale scheme, they became part of a group of six charged in a fraud that bilked investors out of over $3 million. George Bussanich, Sr. and his son, George Bussanich, Jr., are believed to have begun the alleged multi-million-dollar fraud scheme in 2014 mere weeks after settling a civil suit with the New Jersey Bureau of Securities for $5.5 million. "The audacity of these defendants is astounding," said Acting Attorney General John Jay Hoffman. "After the Bureau of Securities exposed how this father and son deceived investors, securing a $5.5 million settlement against them, the defendants allegedly went right back to their old game, defrauding investors of another $3 million and even using some of the new funds to make payments under the settlement. The game is up for these con artists, who potentially face very long prison sentences." Following the settlement of [...]

By |September 9th, 2015|Fraud, Press Releases & News|
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Canadian Trader Charged for Short Selling U.S. Stocks

The SEC filed a complaint in the U.S. District Court in San Francisco alleging that Andrew Evans, a Canadian trader at his firm, Maritime Asset Management, illegally shorted U.S. stocks from December 2010 until May 2012.  Evans will pay more than $1 million in settlement charges. Evans allegedly sold a U.S. company's stocks at a high market price with the knowledge that the company was planning a follow-on offering at a lower cost in the near future.  Evans then purchased stocks at the lower price to cover his short sales.  He made an illegal profit of $582,175 with no market risk that is typically involved in legal sales. The complaint claims that Evans violated an anti-manipulation provision, Rule 105, of the federal securities laws.  This provision forbids short selling an equity security during a restricted period for the purpose of buying the same security through the follow-on offering for a profit. Jina Choi, Regional Director of the SEC, stated, “Rule 105 [...]

By |July 17th, 2015|Fraud, Press Releases & News, SEC|
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