$18.7M Securities Fraud Case Involving Former Linkbrokers Derivatives Brokers is A Prime Example of How Trade Markups Involving Pennies Can Eventually Cost Investors Millions

Two formerLinkbrokers Derivatives经纪人因证券欺诈，电汇欺诈和串谋实施证券欺诈而被捕。bob200体育本杰明·胡乔纳（Benjamin Chouchane）和马雷克·莱斯奇（Marek Leszczynski）以及其他人被指控参加了一项证券骗局，造成客户损失1,870万美元。bob200体育它涉及经纪人在某些情况下仅通过便士或降低它们，然后掩盖客户的实际成本，从而秘密地提高了交易价格。美国证券bob200体育交易委员会（Securities and Exchange Commission）也针对这两名男子提出民事诉讼，以及对经纪人亨利·康德隆（Henry Condron）和格雷戈里·雷夫曼（Gregory Reyftmann）表示，他们在2005年至2009年之间进行了这些类型的价格差异进行了36,000多笔交易。对阴谋和证券欺诈的刑事指控有罪。bob200体育

The alleged manipulations usually occurred when the market was more volatile and the prices were more likely to fluctuate, which made it easier for the mispricings to go undetected. While profits may have been minimal-for example, in one trade Leszczynski allegedly marked up 20,000 shares’ buying price by 1.2 cents/share, resulting in a $240 profit-pennies do add up. As SEC Division of Enforcement Director Robert Khuzami noted, by overcharging clients for stock trades, the brokers ultimately bilked customers of millions of dollars.

Linkbrokers executes high-volume trades for institutional clients. It is an interdealer broker firm that usually executes these large trades for low commissions. However, institutional investors are not the only ones to be impacted by such scams.

“尽管这些可能是机构投资者，但许多是共同基金和养老基金，这些基金投资于小型投资者。”Shepherd Smith Edwards and Kantas founder and securities fraud lawyer William Shepherd. “Many do not understand the enormity of this fraud. Through buying and selling, this can add up to perhaps 1% per year. If one works and saves for 40 years, that person can be cheated out of a large portion of his or her retirement assets.”

LinkBrokers的记录显示，客户的收费范围为0.005美元和0.02美元/股。尽管经纪公司获得了证券骗局中的交易收益，但经纪人也受益。bob200体育从2007年到2009年，Leszczynski的奖金从60万美元到240万美元不等，而Chouchane的奖金从120万美元到200万美元不等。据称，经纪人还从一些有利可图的行业中削减了资金。例如，美国证券交易委员会（SEC）辩称，当客户以限额订单的价格按限制顺序购买以购买证券价格的价格时，如果交易后价格上涨，经纪人据称将出售一些股份并赚钱，同时赚钱。bob200体育customer that the order wasn’t completely filed.

此外，当客户发布卖出订单时，据称Leszczynski和Chouchane将为客户提供从实际销售价格“标记”的价格。
“Investors are cheated out of millions of dollars through fractional pennies per share on billions of shares over time,” saidStockbroker Fraud Attorney Shepherd.

The Financial Fraud Enforcement Task Force, which was set up by President Barack Obama, cooperated in the criminal probe of this case.

Manhattan U.S. Attorney and FBI Acting Assistant Director in Charge Announce Arrests of Two Sales Brokers in Broker-Dealer Mark-Up Scheme, FBI, October 5, 2012

SEC Charges Four Brokers With Defrauding Customers in $18.7 Million Scheme, SEC, October 5, 2012

Dealbook：在证券欺诈案中的便士如何加起来bob200体育，《纽约时报》，2012年10月8日

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US Supreme Court Considers Hearing Stanford Ponzi Lawsuit, Stockbroker Fraud Blog, October 3, 2012

富国银行和瓦乔维亚（Wells Fargo）和瓦乔维亚（Wachovia）被卢森堡（LBBW Luxemburg）起诉，涉嫌$ 1.5bob200体育B证券欺诈，机构投资者证券博客，2012年10月6日