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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If you like what you're reading, please join my mailing list to receive blog posts and updates as they occur. If you're an investor with all of your assets tied up in the stock market and cash, you might want to consider a few diversification strategies. Gold is the oldest asset in the world and it's inflation proof. Bitcoin is the gold standard for the cryptocurrency world, which is the fastest growing asset class in the world. Diversifying your portfolio into one or both of these assets can help to insure your portfolio against a stock market crash or inflation. Most importantly, it can help to safeguard the gains you've made over the last 10 years.

Please note that there are other companies that sell gold and Bitcoin on the market, and you should always do your research when making decisions about your portfolio. Just like your personal health, if you're planning on having major surgery, you need to get a second, and sometimes a third, opinion. You want to make sure your surgeon is good and has performed the procedure many, many times.  In the same way, you need to trust your broker and you need to make sure they are reputable. This is the process I used when looking for a broker to recommend.

Full disclosure: RegalAssets compensates me for everyone I send their way, but I would receive compensation from any company I chose to recommend. The only broker I'm recommending is Regal, primarily due to its innovative product offering in my favorite commodities - gold, precious metals and cryptocurrency like Bitcoin. They also have a distinguished track record for success (see below).




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