Securities Law Updates | New Releases/No Action Letters
January 24, 2012
Administrative Proceeding Instituted against Securities Trader for Cross-Border Fraudulent Interpositioning Activity
In the Matter of Aurelio Rodriguez
SEC No. 2011-277, Release No. 9289, File No. 3-14678, 12/23/2011
The Securities and Exchange Commission has charged a former securities trader at a San Diego-based brokerage firm with orchestrating an illegal trading scheme.
The SEC alleges that Aurelio Rodriguez acted in concert with a Mexican investment adviser, InvesTrust, and unnecessarily inserted a separate broker-dealer as a middleman into securities transactions in order to generate millions of dollars in additional fees.
Rodriguez, who resided in Coronado, Calif., at the time and currently lives in Mexico, agreed to pay $1 million to settle the SEC’s charges. The SEC also charged his former firm Investment Placement Group (IPG) and its CEO with failing…
To continue reading this article, subscribe now
It's FREE and only takes seconds
View a PDF of the release
