{"id":4912,"date":"2018-03-09T20:11:08","date_gmt":"2018-03-10T02:11:08","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=4912"},"modified":"2022-03-22T15:57:49","modified_gmt":"2022-03-22T20:57:49","slug":"texas-securities-cases-austin-investment-adviser-pay-715k-settle-cherry-picking-allegations-dallas-based-oil-gas-company-accused-95ok-investor-fraud","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/texas-securities-cases-austin-investment-adviser-pay-715k-settle-cherry-picking-allegations-dallas-based-oil-gas-company-accused-95ok-investor-fraud\/","title":{"rendered":"Texas Securities Cases: Austin Investment Adviser to Pay Over $715K to Settle Cherry Picking Allegations and Dallas-Based Oil and Gas Company is Accused of $95OK Investor Fraud"},"content":{"rendered":"

\t\t\t\tValor Capital Asset Management LLC and its owner, Texas-based investment adviser Robert Mark Magee<\/a>, have settled US Securities and Exchange Commission charges accusing them of defrauding investors by engaging in cherry picking<\/a>. As part of the settlement, Magee is banned from the securities industry and will pay over $715K.<\/p>\n

The SEC contends that while trading securities in the firm\u2019s omnibus account, Magee would wait to allocate the trades until after watching their performances throughout the day. He would then allocate a disproportionate amount of the more profitable trades to his accounts while sending the trades that were not profitable to his clients. This allowed him to profit at cost to clients. The SEC believes that his ill-gotten gains from cherry picking was over $505K.<\/p>\n

For example, notes the SEC, the way in which Magee traded and allocated El Pollo Loco Holdings is \u201crepresentative\u201d of how he allegedly engaged in cherry picking. For five trading days in a row, trades in LOCO that were profitable went to his own account. When the price went down on the sixth day, he allocated the shares to six Valor client accounts instead of selling the shares at a loss.<\/p>\n

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

Valor Capital Asset Management LLC and its owner, Texas-based investment adviser Robert Mark Magee, have settled US Securities and Exchange Commission charges accusing them of defrauding investors by engaging in cherry picking. As part of the settlement, Magee is banned from the securities industry and will pay over $715K. The SEC contends that while trading […]<\/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":[4047,3760,3741,3750],"tags":[2968,3005],"class_list":["post-4912","post","type-post","status-publish","format-standard","hentry","category-oil-and-gas-claims","category-sec-enforcement","category-securities-fraud","category-texas-securities-fraud","tag-defrauding","tag-securities-fraud"],"yoast_head":"\nTexas Securities Cases: Austin Investment Adviser to Pay Over $715K to Settle Cherry Picking Allegations and Dallas-Based Oil and Gas Company is Accused of $95OK Investor Fraud | SSEK Law Firm Blog<\/title>\n<meta name=\"description\" content=\"Valor Capital Asset Management LLC and its owner, Texas-based investment adviser Robert Mark Magee, have settled US Securities and Exchange Commission charges accusing them of defrauding investors by engaging in cherry picking. 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