{"id":6185,"date":"2017-08-15T19:46:53","date_gmt":"2017-08-16T00:46:53","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1718"},"modified":"2022-05-19T11:25:51","modified_gmt":"2022-05-19T16:25:51","slug":"finra-cases-hallmark-investments-expelled-fraud-fsc-securities-must-pay-592k-exchange-traded-funds","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/finra-cases-hallmark-investments-expelled-fraud-fsc-securities-must-pay-592k-exchange-traded-funds\/","title":{"rendered":"FINRA Cases: Hallmark Investments is Expelled For Fraud and FSC Securities Must Pay $592K Over Exchange-Traded Fund Sales"},"content":{"rendered":"

\t\t\t\tInvestment Firm and Its CEO Are Expelled and Barred for Inflating the Price of Shares Before Selling Them<\/strong><\/p>\n

The Financial Industry Regulatory Authority has expelled Hallmark Investments and barred Steven G. Dash, who is the firm\u2019s CEO, over a securities scam<\/a> that involved selling stocks at inflated prices. According to the self-regulatory organization, Hallmark, Dash, and firm representative Stephen P. Zipkin used an outside broker-dealer and engaged in manipulative trading, as well as in trade confirmations that were misleading, to sell almost 40,000 shares of stock to 14 customers at prices that were fraudulently inflated. Zipkin has been suspended by FINRA for two years and he will have to pay over $18K in restitution.<\/p>\n

Hallmark purportedly employed a trading scam to sell the Avalanche shares that they owned at $3\/share. Meantime, the prices for Avalanche were selling at the public offering price of $2.05\/share and Hallmark sold other Avalanche shares to other customers for as low as 80 cents\/share. Also, the investment firm, Zipkin, and Dash failed to tell customers that Hallmark owned the shares they were buying or that it was marking up the transactions (or that the shares could be bought for less on the open market) even as it sold the shares to others at lower prices. <\/p>\n

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

Investment Firm and Its CEO Are Expelled and Barred for Inflating the Price of Shares Before Selling Them The Financial Industry Regulatory Authority has expelled Hallmark Investments and barred Steven G. Dash, who is the firm\u2019s CEO, over a securities scam that involved selling stocks at inflated prices. According to the self-regulatory organization, Hallmark, Dash, […]<\/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":[3967,3739,3741],"tags":[2863,2864,2865],"class_list":["post-6185","post","type-post","status-publish","format-standard","hentry","category-failure-to-supervise","category-finra","category-securities-fraud","tag-etf-fraud","tag-exchange-traded-fund-fraud","tag-hallmark-investments"],"yoast_head":"\nFINRA Cases: Hallmark Investments is Expelled For Fraud and FSC Securities Must Pay $592K Over Exchange-Traded Fund Sales — Investor Lawyers Blog — August 15, 2017<\/title>\n<meta name=\"description\" content=\"Investment Firm and Its CEO Are Expelled and Barred for Inflating the Price of Shares Before Selling Them The Financial Industry Regulatory Authority has — August 15, 2017\" \/>\n<meta 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