{"id":4792,"date":"2017-10-05T19:45:31","date_gmt":"2017-10-06T00:45:31","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=4620"},"modified":"2022-03-22T14:26:48","modified_gmt":"2022-03-22T19:26:48","slug":"ex-broker-ordered-pay-550k-bilking-modest-income-investors-etnetf-fraud-previous-unsuitable-investment-claims","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ex-broker-ordered-pay-550k-bilking-modest-income-investors-etnetf-fraud-previous-unsuitable-investment-claims\/","title":{"rendered":"Ex-Broker Ordered to Pay $550K For Bilking Modest Income Investors in ETN\/ETF Fraud Had Previous Unsuitable Investment Claims Against Him"},"content":{"rendered":"

\t\t\t\tThe US Securities and Exchange Commission has secured a final judgment by default in its broker fraud case <\/a>against Demitrios Hallas. The former broker was charged by the regulator in April for allegedly trading unsuitable investment products in five customers\u2019 accounts. The customers were unsophisticated investors with not much, if any, experience in investing. Their net worth and income levels were modest enough that risky investments were not a good fit for their portfolios. <\/p>\n

According to the regulator\u2019s complaint, in a period of a little over a year, Hallas traded 179 daily leveraged exchange traded funds and exchange traded notes in these accounts. (Both ETFs and ETNs products are considered high-risk, volatile, and only suitable for sophisticated investors.) <\/p>\n

The SEC said that Hallas had no reasonable grounds for recommending these investments to customers. Meantime, the latter were charged fees and commissions of about $128K. The net loss sustained over all the positions was about $170K.<\/p>\n

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

The US Securities and Exchange Commission has secured a final judgment by default in its broker fraud case against Demitrios Hallas. The former broker was charged by the regulator in April for allegedly trading unsuitable investment products in five customers\u2019 accounts. The customers were unsophisticated investors with not much, if any, experience in investing. Their […]<\/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":[3773,4023,4019,3801,3760],"tags":[],"class_list":["post-4792","post","type-post","status-publish","format-standard","hentry","category-broker-fraud","category-exchange-traded-funds","category-exchange-traded-notes","category-sec","category-sec-enforcement"],"yoast_head":"\nEx-Broker Ordered to Pay $550K For Bilking Modest Income Investors in ETN\/ETF Fraud Had Previous Unsuitable Investment Claims Against Him — Investor Lawyers Blog — October 5, 2017<\/title>\n<meta name=\"description\" content=\"The US Securities and Exchange Commission has secured a final judgment by default in its broker fraud case against Demitrios Hallas. 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