Action against Defendant, a trader, for alleged operation of a fraudulent, unregistered brokerage. According to the SEC, Defendant informed investors that he would use their funds to open individual day trading accounts but instead commingled the funds in a single concealed account. The SEC also alleges that Defendant charged investors trading commissions and misrepresented his background and disciplinary history. Defendant has agreed to pay disgorgement of $470,000, prejudgment interest of $53,497, and a civil penalty of $320,000.

SEC Litigation Release

SEC Complaint