Estimated reading time: 1 minute, 6 seconds

Advisor Says SEC 'Bullying' Her, Vows to Fight Lawsuit  

The SEC has filed a civil suit against financial advisor Cassandra Toroian and her firm, Bell Rock Capital, claiming she defrauded clients. So reports Delaware’s Cape Gazette.

Bell Rock LogoThe SEC says Toroian executed trades that benefitted her and her family, but posted losses to other investors in the fund. The regular said she cherry-picked trades, which is a “a process of buying and selling funds, but giving profits to only a few investors and posting losses to the rest,” according to the article.

The SEC wants Toroian and Bell Rock to pay civil penalties and disgorge the funds she received from her illegal behavior, plus interest.

For her part, Toroian accuses the SEC of “bold-face lies” and says the data it used is “very contrived.” She added that the regulator is using “bullying, threats, mental torture, whatever they can do” to force her to settle the complaint. Instead, she says she will fight the SEC to clear her name, even if it takes years.

The lawsuit claims that Toroin either knew or was reckless when she ‘disproportionately’ allocated favorable traders to her and her family while assigning a larger number of the unfavorable trades to clients.

The SEC also said she did not keep appropriate records. Both Toroian and Bell Rock also face fraud charges.

Read the full article from Cape Gazette.


Read 416 times
Rate this item
(0 votes)

Visit other PMG Sites:

click me
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.