Demitrios Hallas Allegedly Engaged in Reckless Trading of Investment Instruments in the Accounts of Five Customers; Hallas Also Allegedly Misappropriated over $170,000 from One Customer
Demitrios Hallas knowingly or recklessly allegedly made trades in unsuitable investment products in the accounts of five customers and also allegedly misappropriated over $170,000 from one customer, according to an SEC Complaint.
Demitrios Hallas allegedly regularly traded unsuitable investments in his customers’ accounts which ultimately exposed unsophisticated customers with limited or no investing experience and modest incomes, net worth levels, and assets to significant degrees of volatility and risk, the SEC Complaint notes.
Hallas, in under a year, allegedly traded 179 daily leveraged exchange traded funds (ETFs) and exchange traded notes (ETNs) in the customers’ accounts, which went on to generate commissions and fees of approximately $128,000, the SEC Complaint reports.
Demitrios Hallas Allegedly Accrued Net Losses of $150,000 across179 Trading Positions
Demitrios Hallas allegedly generated commissions and fees of approximately $128,000 and the alleged net loss across all 179 positions was approximately $150,000, according to the aforementioned SEC Complaint.
The SEC’s complaint further alleges that Hallas allegedly misappropriated over $170,000 in funds from a single customer, the Complaint notes.
Hallas, instead of investing the funds on the customer’s behalf, allegedly made deposits of funds into his own personal bank accounts and used them on personal expenses, including large bar and restaurant bills, credit card and student loan payments, and rent, the SEC notes.
It should also be noted that the SEC alleges that ETFs and ETNs are inherently risky, complex and volatile, and only appropriate for sophisticated investors.
The Peiffer Rosca Wolf Securities Lawyers Often Assist Investors
The Peiffer Rosca Wolf securities lawyers assist investors who lose money as a result of unsuitable trading. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they have lost money as a result of unsuitable trading schemes are encouraged to contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or James Booker, for a free no-obligation evaluation of their recovery options, at 888-998-0520 or via e-mail at arosca@prwlegal.com or jbooker@prwlegal.com.
from Investment Fraud Lawyers | Investor Loss Recovery http://ift.tt/2pu7Gi9
via Securitieslitigatos.com
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