{"id":1614,"date":"2015-03-23T13:18:53","date_gmt":"2015-03-23T13:18:53","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2015\/03\/sec_rejects_brokers_efforts_to"},"modified":"2022-03-22T12:52:18","modified_gmt":"2022-03-22T17:52:18","slug":"sec-rejects-brokers-efforts-to","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-rejects-brokers-efforts-to\/","title":{"rendered":"SEC Rejects Broker\u2019s Efforts to Start RIA While Behind Bars"},"content":{"rendered":"

\t\t\t\tThe U.S. Securities and Exchange Commission has barred David Scott Cacchione from the securities industry once again. Cacchione was banned in 2009 for helping to mastermind a $100 million financial scam. This time, his bar is for attempting to start a registered investment adviser firm while in jail for the previous crime.<\/p>\n

Cacchione, who was released from prison in June, had been sentenced to five years in jail and three years supervised release for pleading guilty to securities fraud<\/a>. The charge involved pledging clients’ securities without their knowledge to obtain over $45 million in personal loans for a friend. Among those whose money he used was an elderly widow and a children’s charity.<\/p>\n

According to the SFGate<\/em>, in 2007 and 2008 Cacchione, while managing director of Merriman, Curhan, Ford & Co. in San Francisco, gave client brokerage statements to William Del Biaggio III, who doctored them to make it appears as if the securities belonged to him. He did this to secure or renew some $100 million in loans. He used the funds to pay off debt and purchase an ownership stake in the Nashville Predators hockey team. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The U.S. Securities and Exchange Commission has barred David Scott Cacchione from the securities industry once again. Cacchione was banned in 2009 for helping to mastermind a $100 million financial scam. This time, his bar is for attempting to start a registered investment adviser firm while in jail for the previous crime. Cacchione, who was […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3781,3801],"tags":[],"class_list":["post-1614","post","type-post","status-publish","format-standard","hentry","category-investment-advisers","category-sec"],"yoast_head":"\nSEC Rejects Broker\u2019s Efforts to Start RIA While Behind Bars — Investor Lawyers Blog — March 23, 2015<\/title>\n<meta name=\"description\" content=\"The U.S. Securities and Exchange Commission has barred David Scott Cacchione from the securities industry once again. 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