The Securities and Exchange Commission is bringing administrative proceedings against a Canadian accused of working for a brokerage boiler room brokerage.
Shane Ferras is a resident of Brantford, Ont., and a former registered representative of HGI Inc.
The SEC’s Division of Enforcement alleges the U.S. District Court for the Southern District of New York has issued a permanent injunction against Ferras and found him liable for “defrauding investors by using fraudulent boiler-room sales practices and training other HGI registered representatives to use these fraudulent sales practices.”
The court entered a Judgment by Default against Ferras: permanently enjoining him from future violations, ordered him disgorge US$2,346,474, and imposed a civil penalty of US$10,000.
An SEC hearing will be scheduled to determine whether the allegations are true, and to determine what, if any, remedial sanctions against Ferras are appropriate.
SEC accuses Canadian of running boiler room
New York court orders Ontario man to pay US$2 million
- By: IE Staff
- October 1, 2003 October 1, 2003
- 15:50
IE Staff