SEC Requires SW Finance Company Representatives to Be Liability for Breach of Breach of BI Regulations and Excessive Trading
SEC requires default registration for Michael Blumer, John Kuprianchik, David Page, Steven Thompson and Joseph Todaro。
The Securities and Exchange Commission is seeking default judgments against Michael Blumer, John Kuprianchik, David Page, Steven Thompson and Joseph Todaro.。
On January 2, 2024, the SEC filed a related motion with the District Court for the Eastern District of New York。
The document, seen by FX News Group, asks the court to find that the defendants, Michael Blumer, John Kuprianchik, David Page, Steven Thompson and Joseph Todaro, are in breach of contract for failing to defend or otherwise defend the lawsuit, as required by Rule 55 (a) of the Federal Rules of Civil Procedure.。
Let us recall that in September 2023, the SEC filed charges against clients of Michael Blumer, John Kuprianchik, David Page, Steven Thompson and Joseph Todaro for investing on the basis of at least short-term referrals to Salomon-Whitney LLC under the high name of Salomon Whitney LLC.。
According to the complaint, from at least August 2018 to June 2022, Blumer, Kuprianchik, Page, Thompson, and Todaro advised and executed more than 2,000 transactions in these client accounts without taking into account the high transaction costs incurred by these clients.。
Because of the volume of recommended transactions and the commissions and fees that come with them, it is almost impossible for these customers' accounts to earn positive returns, according to the SEC。As stated in the complaint, although the total account losses of these customers exceeded $1 million, Blumer, Kuprianchik, Page, Thompson, Todaro, and SW Financial collectively received more than $660,000 in commissions and fees due to their recommended over-trading。
The U.S. Securities and Exchange Commission filed a lawsuit in the U.S. District Court for the Eastern District of New York alleging that Blumer, Kuprianchik, Page, Thompson, and Todaro violated the anti-fraud provisions of Section 17 (a) of the Securities Act of 1933, Section 10 (b) of the Securities Exchange Act of 1934, and Section 10b-5 of the Securities Exchange Act, as well as the Best Interests Ordinance.。
The complaint requires all defendants to provide permanent injunctive relief, forfeiture and advance interest, as well as civil penalties.。
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