The U.S. Securities and Exchange Commission (SEC) has filed a complaint against Bell Rock Capital, LLC and its principal M..Cassandra Toroian's case is settled because they have been running a "steal" program for years to deceive Bell Rock customers。

Among other things, the defendant agreed to pay a fine of $883,597, prepaid interest of $185,451, and civil penalties totalling $440,000.。

The SEC's allegations allege that from at least Jan. 1, 2011, through Dec. 31, 2015, Toroian defrauded Bell Rock's customers through a scheme to steal the beam and replace the column.。Specifically, Toroian trades through a master trading account, disproportionately distributing profitable trades to accounts belonging to herself and her family members, and disproportionately distributing unprofitable trades to many of Bell Rock's clients.。

The complaint also alleges that Toroian made material misrepresentations to customers in Bell Rock's Form ADV and other communications, including, for example, that Bell Rock and its associates would always act in the best interests of customers and would not put their own interests ahead of their own.。

The complaint also alleges that Bell Rock failed to adopt and implement reasonably designed written policies and procedures to prevent "pickiness," in violation of Section 206 (4) of the Investment Advisers Act 1940 and Rule 206 (4) -7 thereunder, and that Toroian aided and abetted Bell Rock's misconduct.。

Without admitting or denying the charges, Toroian agreed to make a final judgment: (i) to permanently restrain and prohibit her from violating Section 17 (a) of the Securities Act of 1933, Section 10 (b) of the Securities Exchange Act of 1934 et seq. 10b-5, Section 206 (1) and Section 206 (2) of the Advisers Act, and to assist and abet the Investment Adviser in violating Section 206 (4) of the Advisers。

Bell Rock neither admitted nor denied the charges, but agreed to make a final judgment: (i) permanently restrict and prohibit its violation of Section 17 (a) of the Securities Act, Section 10 (b) of the Exchange Act and its sections 10b-5, Section 206 (1), 206 (2) and 206 (4) of the Consultants Act and its section 206 (4) -7; (ii) order it to pay a fine of $220,000。

These settlements are subject to court approval。