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SEC Seeks Court Approval Of $1.5M Brokerage Fraud Deal

Law360 (June 13, 2019, 5:48 PM EDT) -- The U.S. Securities and Exchange Commission told a Pennsylvania federal court Thursday it reached a roughly $1.5 million deal with the former top brass of now-defunct Global Transition Solutions, urging the court to close the book on the dispute.

The SEC told the court that CEO John Place, COO Paul Kirk and president John Kirk of Global Transition Solutions LLC have agreed to pay $1.5 million in total to resolve claims they bilked customers — typically public pension funds — out of $13 million “in a long-standing scheme” by coordinating with routing brokers to impose markups on the transactions and splitting...

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Attached Documents

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Case Information

Case Title

Subscribers Only

Case Number

Subscribers Only

Court

Pennsylvania Eastern

Nature of Suit

Other Statutes: Securities/Commodities

Judge

Subscribers Only

Date Filed

August 8, 2016

Law Firms

Government Agencies