SEC Enforcement Roundup

sec_buildingLebanese, Druze Communities Targeted in High-Volume Trading Scheme

A Sugar Land, Texas-based day trader was charged by the SEC for targeting, in particular, investors in the Houston-area Lebanese and Druze communities in a high-frequency trading program.

Firas Hamdan was charged with defrauding investors in the trading program; he also provided those investors with falsified brokerage records that drastically overstated assets while at the same time hiding Hamdan’s huge trading losses. The SEC also seeks an emergency court order to put an end to the scheme and to freeze Hamdan’s assets and those of his firm, FAH Capital Partners.

Hamdan, according to the SEC’s complaint, is well-known in the Lebanese and Druze communities in the Houston area and is a former treasurer of the Houston branch of the American Druze Society.

Read More 

Advertisements
This entry was posted in Business, Finance, High Frequency Trading, Regulatory Updates, SEC, The Wall Street Journal, U.S. Economy, Wall Street and tagged , , , , , , , . Bookmark the permalink.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s