The Securities and Exchange Commission has accused James P. Anglim of facilitating market manipulating schemes. This high-stakes chess game, in which the pawns represented unsuspecting traders and the kings represented unscrupulous investors, took place from November 2016 until February 2022.
Imagine that a magician can, through a sleight of hands, make a penny disappear. Imagine that the coin was actually worth hundreds of thousands dollars in stock. This is essentially what Anglim was accused of. He wasn’t the magician, but he was the one who set up the stage, the spotlight and the smoke and mirrored to allow others to perform tricks.
Anglim, as a registered representative for two brokerage firms in the United States, was in a trusting position. He was expected to guide investors safely through turbulent seas in the stock market. He allegedly led them into a hurricane instead.
The SEC Complaint portrays a man using his position as a broker to facilitate the sale of illegal stock on the public markets. The Commission had previously charged the puppet masters with fraud. They were not customers at the brokerage firms that Anglim worked for. Anglim allegedly played the game by entering into multiple arrangements with them.
The SEC claims that these puppeteers stoked artificial demands for the stocks by aggressively communicating or using boiler rooms. They claim this is like blowing a flame with a firebreather. The innocent spectators in the show were induced to buy the stock using manipulated volume and price information.
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Anglim has settled the case without admitting to or denying any of the allegations. He consented to a final judgement that bars him permanently from violating certain provisions of the Securities Act of 1932 and Securities Exchange Act of 1934. He was also ordered to disgorge $405,991 in trading profits and $82,009 as prejudgment interest.
In a bizarre twist of fortune, the SEC determined that it would not seek a civil fine in its settlement with Anglim because of his cooperation with the Commission investigation. Even the Commission asked that no penalty be imposed by the court. The court must now approve the settlement.
This case serves to remind us of the dangerous dance that takes place between greed and confidence in the world stock trading. This case raises the question: how many other Anglims play puppet masters in the shadows today? How many more innocents will be taken astray by these crooks?
The SEC investigation was conducted by a dedicated team who worked hard to bring the case to light. These individuals’ efforts demonstrate the importance of vigilance, accountability and transparency in the financial sector. The Commission acknowledges the help of the U.S. Attorney’s Office of the District of Massachusetts as well as the Federal Bureau of Investigation.
James P. Anglim’s story is a cautionary tale. This is a story that serves as a warning about the importance and rule of law, integrity, and transparency in the worlds of finance.