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.

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