Short-Selling

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Dec 28, 2015

FINRA December 2015 Disciplinary Actions: Part III

By |December 28th, 2015|FINRA, FINRA News, Fraud, Misrepresentation and Fraud, Press Releases & News, Securities Law Violations, Short-Selling, Suitability|

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 [...]

Sep 15, 2015

FINRA August 2015 Disciplinary Actions: Part I

By |September 15th, 2015|Bonds, Failure To Supervise, FINRA, FINRA News, Press Releases & News, SEC, Securities Law Violations, Short-Selling|

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 [...]

Sep 9, 2015

New Jersey Group Accused Of Defrauding Investors Out Of $3M

By |September 9th, 2015|Conspiracy, Fraud, Misrepresentation and Fraud, Press Releases & News, Securities Law Violations, Short-Selling, Unregistered broker dealer|

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 [...]

Jul 17, 2015

Canadian Trader Charged for Short Selling U.S. Stocks

By |July 17th, 2015|Alabama, Fraud, Misrepresentation and Fraud, Press Releases & News, SEC, Securities Law Violations, Short-Selling|

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 [...]

Oct 28, 2014

FINRA Fines Merrill Lynch $6M

By |October 28th, 2014|Failure To Supervise, FINRA News, Press Releases & News, Securities Law Violations, Short-Selling, Unauthorized Trading|

FINRA fined two Merrill Lynch units $6 million yesterday for alleged short-selling rule violations, which included letting thousands of orders through their systems that violated emergency bans on 'naked' short sales in 2008. According to FINRA, Merrill Lynch Professional Clearing Corp. and Merrill Lynch Pierce Fenner & Smith Inc. did not have sufficient supervisory policies [...]

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