The Securities and Exchange Commission has settled a case involving Aegis Capital Corp., a Boca Raton, Florida-based broker-dealer, in which the firm was charged with inadequately supervising its representatives, who made unsuitable recommendations of structured products.
As part of the settlement, Aegis agreed to a censure and to pay disgorgement plus prejudgment interest of $220,865 and a civil penalty of $2.3 million.
The SEC also charged Alan Z. Appelbaum, a former managing director at the firm, and former Aegis registered representative Paul F. Gallivan with making unsuitable recommendations of highly complex variable interest rate structured products.
Without admitting or denying the findings in the order, Gallivan agreed to cease and desist from future violations of the charged provisions, to pay disgorgement plus prejudgment interest of $29,973 and a civil penalty of $25,000, and to a 12-month suspension from being association with an investment firm.
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