Defendant Name:
Merriman Curhan Ford & Co.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Merriman Curhan Ford Group, Inc
SIC Code:
6211
CUSIP:
59041810
Document Reference:
34-60976
Document Details
Legal Case Name
In the Matter of Merman Curhan Ford & Co., D. Jonathan Merman, and Christopher Aguilar
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date
10-Nov-2009
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
On November 10, 2009, the SEC instituted settled administrative and cease-and-desist proceedings against Merman Curhan Ford & Co., D. Jonathan Merman, and Christopher Aguilar. According to the SEC: "These proceedings arise out of Respondents' failure to supervise reasonably [D. Scott] Cacchione, a registered representative who served as the former Managing Director of Client Services at the Merriman Firm. During his employment at the Merriman Firm, Cacchione perpetrated two distinct fraudulent schemes. First, from at least August 2007 through May 2008, Cacchione provided account statements of Merriman Firm customers to his customer and friend, William 'Boots' Del Biaggio III ('Del Biaggio'), so that Del Biaggio could fraudulently pledge the securities held in the innocent customers' accounts to obtain more than $45 million in personal loans. Second, from at least March 2006 through October 2007, Cacchione engaged in fraudulent unauthorized trading in several customer accounts in which he purchased risky microcap securities without his customers' permission, and then was paid the commissions generated from the unauthorized trades."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Compliance Related Independent Consultant
Other Compliance Related Undertaking
Various undertakings
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$100,000.00
Shared:
Other Defendants in Action:
