Ex-Bank of Choice CEO Settles Securities Fraud Charges

Law360, New York (November 25, 2013, 3:45 PM EST) -- The former CEO of Bank of Choice in Greeley, Colo., will pay $65,000 in restitution to settle charges that he violated registration and anti-fraud provisions of the Colorado Securities Act, according to a stipulation filed Thursday in Denver district court.

Colorado Securities Commissioner Fred Joseph had alleged Darrell McAllister violated securities laws by conducting an unregistered preferred stock offering in the summer of 2008, directing bank staff to convince customers to trade in their certificates of deposit for preferred stock without first informing them of the...
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