Securities Fraud Lawyer Blog

Worden Capital’s Greg Dean charged by SEC with churning customer accounts.

On January 10, 2017 the SEC charged Greg Dean of Seaford, N.Y. a registered representative with Worden Capital Management, and previously with J.D. Nicholas & Associates with excessively trading customer accounts for the purpose of generating commissions.

This type of conduct, if proven, is typically referred to as churning, and is a violation of the securities laws.   The SEC alleges that Dean failed to act for the benefit of his customers, and instead pursued a strategy designed to generate excess commissions at his customers’ expense.  The SEC has charged Dean with violations of Section 17(a) of the Securities Act as well as Section 10(b)(5) of the Exchange Act.

FINRA charges Rusty Tweed over fund transactions.

On April 27, 2017 FINRA charged Rusty Tweed of Glendale California, a registered representative with Cabot Lodge Securities and formerly with Concorde Investment Services with making misstatements to investors in connection with a private placement in a company that utilized a computerized trading strategy.  FINRA alleges that Tweed’s conduct violated section 17 of the Securities Act of 1933.

FINRA’s complaint alleges that Tweed received over one and a half million dollars from his broker dealer clients using a false and misleading private placement memorandum.  The transaction involved an investment fund controlled by Tweed that utilized computerized trading  to make profits from the stock market.

Source Capital Group’s Don Saccomano suspended by FINRA.

Don Saccomano, a registered representative from Norwalk, Connecticut, formerly with Janney Montgomery Scott and Source Capital Group was suspended from FINRA membership as a result of failing to cooperate with a FINRA investigation.

FINRA Rule 9552. Failure to Provide Information or Keep Information Current

FINRA bars former Park Avenue Securities broker William Roe.

William Roe, a registered representative from Fontana, California, formerly with Park Avenue Securities and Crowell Weadon was barred from FINRA membership as a result of failing to cooperate with a FINRA investigation.

FINRA Rule 9552. Failure to Provide Information or Keep Information Current