SEC Uses Data Analysis to Detect Cherry-Picking Fraud By Broker

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

Massachusetts Mutual Life Insurance Company, Insurance in Springfield, MA

We believe diversity includes the broadest possible range of cultures, backgrounds, experiences and perspectives, while inclusion means creating an environment where all people and ideas are valued. Our goal is to welcome everyone — customers, employees, suppliers and visitors alike. Our passion for diversity and inclusion is not only about doing the right thing; it also helps us achieve our purpose to help people secure their future and protect the ones they love. Continue reading