SEC Scores $1.6M From Brokerage, Execs After Fraud Trial
By Daniel Siegal (September 24, 2019, 9:42 PM EDT) -- A New York federal judge on Monday ordered brokerage Portfolio Advisors Alliance and two executives to pay a combined $1.58 million in disgorgement, civil penalties and interest after a Manhattan federal jury earlier this year held them liable for lying to investors.
The jury had found the brokerage, its owner Howard Allen and its president and compliance chief Kerri Wasserman had sold $9 million of shares in lender American Growth Funding II without being honest about the fact that the lender hadn't been audited.
In Monday's 10-page order, U.S. District Judge Kimba M. Wood sided with the U.S. Securities and Exchange...
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