Thursday, March 26, 2015

SEC Charges 22 Unregistered Broker-Dealers Across The Nation

Today the Securities and Exchange Commission charged almost two dozen companies and individuals affiliated with a Chicago-based trading firm for not registering with the SEC as a broker-dealer.

The investigation found that Global Fixed Income, LLC entered into agreements to buy investment grade fixed income products and bought billions of dollars’ worth of new issues from July 2009 to June 2012. . The offerings were usually oversubscribed which allowed the company to “flip” the bonds for a small profit. It then split these guaranteed profits with those that sold the bonds.

The owner of the company, Charles Perlitz Kempf, arranged the deals and has agreed to settle the SEC’s charges. Collectively those involved must pay almost $5 million in disgorgement of profits along with approximately $1 million in penalties. 

In addition to Kempf and Global Fixed Income, LLC, the following companies and individuals were named in the charges:
  1. AGS Capital Group (based in Florida)
  2. Allen Gabriel Silberstein of Miami, AGS Capital Group's owner
  3. Banes Capital Management (based in Tennessee) 
  4. Joel Banes of Memphis (Banes Capital Management's owner) 
  5. Michael Warner Kochman (Springfield, N.J.) an investment adviser at Banes Capital Management
  6. Big Star Capital (based in Florida)
  7. Ryan Patrick McGuinness of Tampa (Big Star Capital's owner)
  8. Esso Ventures (based in California) 
  9. Mark Leonard Lechler of Pasadena, (Esso Ventures' owner)
  10. Etek Investment Management (based in New Jersey)
  11. Kevin Gregory Haley of Jenkintown, Pa., and David Boyle of Blackwood, N.J. (part-owners of Etek Investment Management)
  12. Finmark Resources (based in New Jersey) 
  13. Peter Eric Baker (Finmark Resources' owner)
  14. Parker Paschal & Company  (based in Louisville)
  15. Andrew Parker Shook of Louisville (Parker Paschal & Company's owner)
  16. PMK Capital Management (based in Florida)
  17. Roger Kumar Jr. of Ocean Ridge, Fla. (PMK Capital Management's owner)
  18. RLJ Fixed Income (based in Bethesda, Md.)
  19. Corey Antwuan Printup (RLJ Fixed Income's owner)
  20. Joseph Michael Araiz of New York City, a former owner and CEO of an investment adviser that is no longer in business.

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