FINRA Expels Hudson Valley, CEO Over Illegal Day-Trading

Law360, New York (November 8, 2012, 7:30 PM EST) -- The Financial Industry Regulatory Authority ousted Hudson Valley Capital Management and its CEO from the securities industry after an investigation showed he had used customers' money and investments to cover his manipulative day-trading losses, the authority announced Wednesday.

Mark Gillis violated the Exchange Act when he used his New York-based investment firm's accounts to day-trade millions of dollars' worth of stock, manipulate share prices and then withdraw the proceeds, causing the firm to lose more than $350,000, according to FINRA statements. He violated the act further...
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