{"id":78312,"date":"2021-05-24T00:46:25","date_gmt":"2021-05-24T04:46:25","guid":{"rendered":"https:\/\/www.hedgeco.net\/news\/?p=78312"},"modified":"2021-05-24T00:40:05","modified_gmt":"2021-05-24T04:40:05","slug":"sec-obtains-final-judgment-against-broker-charged-with-defrauding-customers","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/05\/2021\/sec-obtains-final-judgment-against-broker-charged-with-defrauding-customers.html","title":{"rendered":"SEC Obtains Final Judgment Against Broker Charged with Defrauding Customers"},"content":{"rendered":"\n<p>(HedgeCo.Net) The U.S. District Court for the Southern District of New York entered a final consent judgment against a <strong>New York-based broker<\/strong> who was previously charged by the SEC with defrauding retail customers.<\/p>\n\n\n\n<p>On September 7, 2018, the SEC <a href=\"https:\/\/www.sec.gov\/news\/press-release\/2018-183\">charged<\/a> <strong>Emil Botvinnik<\/strong>, a former registered representative associated with <strong>broker-dealer Windsor Street Capital, L.P. <\/strong>with defrauding five retail customers by recommending frequent, short-term trades which generated large commissions for Botvinnik but were almost guaranteed to lose money for his customers.<\/p>\n\n\n\n<p>Without admitting or denying the allegations of the SEC&#8217;s complaint, Botvinnik consented to the entry of a final judgment enjoining him from violating the antifraud provisions of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder, and ordering him to pay a civil penalty of $160,000, disgorgement of $1,140,996.48, and $208,155.86 in prejudgment interest. The judgment provides that the Commission may propose a plan to distribute any funds received from Botvinnik to harmed investors. Botvinnik further agreed to the entry of a Commission order issued today barring him from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(HedgeCo.Net) The U.S. District Court for the Southern District of New York entered a final consent judgment against a New York-based broker who was previously charged by the SEC with defrauding retail customers. On September 7, 2018, the SEC charged [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,3,16048,16047],"tags":[],"class_list":["post-78312","post","type-post","status-publish","format-standard","hentry","category-hedgeco-networks-press-releases","category-hedgeco-news","category-hedgecovest-news","category-insider-trading-2"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/78312","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=78312"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/78312\/revisions"}],"predecessor-version":[{"id":78313,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/78312\/revisions\/78313"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=78312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=78312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=78312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}