On January 20,2023, the United States District Court for the Southern District of New York handed down a final agreement judgment against Abraham “Avi” Mirman, former head of Investment Banking at John Thomas Financial, Inc., a broker-dealer in New York that is now defunct. In 2017, the Securities and Exchange Commission, or SEC, charged Mirman for his role in a penny stock scheme involving Liberty Silver Corp.
The SEC charged Mirman with aiding and abetment others in inflating Liberty Silver stock prices artificially. He failed to disclose that 6.6 million Liberty Silver share were sold to JTF retail customers, and he participated in unregistered offers of additional shares. Mirman’s response was to agree to the entry a final judgment, without admitting or denigrating the SEC allegations.
The consent judgment contains several provisions. Mirman has been enjoined to refrain from violating Sections 5(a),5(c),and 17(a).(3) of the Securities Act of 1934 in the future. He is also subject to a 3-year penny stock ban under Securities Act Section 20g. Mirman is also required to pay $278.519.45 disgorgement as well as $127.006.15 of prejudgment interest, and a civil fine of $125,000.
Jack Kaufman and Nancy A. Brown and Derek M. Schoenmann, both under the supervision Thomas P. Smith, Jr.
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The Securities Exchange Commission is an American regulatory agency that supervises and enforces federal security laws. Its main goal is to safeguard investors, ensure fair and efficient markets and facilitate capital formation. These objectives are achieved by the SEC by requiring that companies disclose important financial data to the public and regulate securities transactions and activities, as well as enforcing laws to prevent fraud and other violations. In order to ensure compliance, the commission supervises stock exchanges and brokers, as well investment advisors and other market participants. SEC regulatory efforts are aimed at promoting transparency, integrity and stability in securities markets.
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