Securities Arbitration Lawyers BlogDemitrios Hallas Investigated by SEC and FINRA for Anti-Fraud Violations
The New York broker has been charged with numerous violations, including misappropriation
Though he’s currently not registered with a firm, Demitrios Hallas may never be allowed to work as a broker again. According to the SEC, from March 2014 to May 2016, Hallas violated a variety of anti-fraud provisions by recommending unsuitable investments, not performing his due diligence on these products, and misappropriating thousands of dollars.
The SEC complaint alleges that Hallas bought and sold daily leveraged Exchange-Traded Funds and Notes for several customers, even though they weren’t suitable investments. In addition, Hallas did not fully understand how these products worked or the risks involved. While accumulating $128,000 in fees and commissions for himself and his firm, his customers lost around $150,000 in total.