The Securities and Exchange Commission (SEC) today charged a New Jersey based broker with misusing his access to customers’ brokerage accounts to enrich himself and family members at the expense of his customers, many of whom had entrusted him with their retirement accounts. The SEC uncovered the alleged fraud with data analysis used to detect suspicious trading patterns.
The SEC filed fraud charges in federal district court against Michael A. Bressman of Montville, New Jersey, alleging that he misused his access to an omnibus or “allocation” account to obtain at least $700,000 in illicit trading profits over a six-year period ending in February. The SEC’s complaint alleges that Bressman placed trades using the allocation account and cherry-picked profitable trades, which he then transferred to his own account and the account of two family members, while placing unprofitable trades in other customers’ accounts. Continue reading →
Elad L. Roisman has been sworn into office as an SEC Commissioner by SEC Chairman Jay Clayton. Mr. Roisman was nominated to the SEC by President Donald J. Trump and his nomination was confirmed by the U.S. Senate on September 5. Commissioner Roisman fills a term that expires on June 5, 2023.
“It is my honor to welcome Elad back to the Commission,” said SEC Chairman Jay Clayton. “Elad’s broad experience and previous work at the Commission will serve Main Street investors and our markets well.”
“I am excited to have the opportunity to be back working with the talented and hardworking people at the SEC, as well as with my fellow Commissioners,” said Commissioner Roisman. “I look forward to engaging with them and the public to carry out the SEC’s important mission.”
Commissioner Roisman comes to the SEC from the Senate Banking Committee, where he served as Chief Counsel. He previously served as Counsel to SEC Commissioner Daniel Gallagher and prior to that, as a Chief Counsel at NYSE Euronext. He also worked as an attorney at the law firm of Milbank, Tweed, Hadley & McCloy LLP where he served as an associate in the New York office. Commissioner Roisman earned his bachelor’s degree in History at Cornell University and his J.D. at the Boston University School of Law.
Bates Law Firm, LLC was established by Attorney Shatorree Bates. Ms. Bates’ legal focus on Business Law, Family Law, and Bankruptcy Law relates to her background, education and interests. Prior to becoming an attorney, Ms. Bates broad range of experience over a 15 year period has given her the insight, knowledge and wisdom necessary to competently counsel clients in these areas. Managing her own business, counseling her clients about family related issues, contributing to child rearing, teaching college level courses, volunteering at crisis intervention and community outreach centers, and offering sound financial advice to fellow entrepreneurs has added layers to the solid foundation in which she builds her law practice. Continue reading →