Former New York brokers are being charged by the SEC with making unsuitable suggestions that resulted in customers losing money and receiving hefty commissions. One broker has agreed to pay more than $324,000 in order to settle charges. According to the SEC complaint, Terrance Reagan and Nathaniel Clay recommended frequent buying and trading of securities without any reasonable basis. The high-cost strategy resulted in customer losses, and significant profits for brokers. Reagan also acted in a similar manner at another firm. Clay consents for a final judgement to be entered, whereas Reagan faces charges of violating securities laws and seeking civil penalties, injunctive measures, and disgorgement. Adam Grace, Thomas P. Smith, Jr., and a team of investigators from the SEC conducted an investigation. Dina Levy will lead the litigation against Reagan. The team of the Division of Examinations carried out the examination which led to the launch of the investigation. The SEC thanks the Financial Industry Regulatory Authority for its assistance.
Recover Investment Losses
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SEC
Securities and Exchange Commission, or SEC, is an American regulatory agency that protects investors, maintains fair and efficient market conditions, and facilitates capital formation. It was created in 1934 to respond to the 1929 crash in stock markets and the Great Depression that followed.
The SEC is primarily responsible for enforcing federal laws on securities, which ensures that those who offer securities to the public are providing accurate and complete data to their investors. The SEC oversees a variety of participants in the securities market, including brokers, securities exchanges and investment advisers.
The SEC has a requirement that companies register and publish relevant information about their securities offerings. This includes financial statements, management reviews, and risk factors. Investors can make more informed decisions by using this information. Insider trading is also regulated by the SEC, to ensure that those with access to information not made public do not take unfair advantage of it.
The SEC plays an important role in both enforcement and regulation. It conducts investigations and takes legal action to punish individuals and companies who violate securities laws by engaging in fraudulent activity or giving false information. In severe cases, the agency can seek injunctions and civil penalties or even criminal charges.
The SEC has a mission to protect investors, to maintain fair markets and to facilitate capital formation in order to support economic development. Its goal is to create an environment in which investors can feel confident about the integrity of securities markets and companies can easily access capital by using transparent and efficient procedures.
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