Many investors are unaware of the legal recourse available to them after losing money due to the fraudulent behavior of their securities broker. The truth is that investors who have lost money in this fashion may actually be entitled to damages. The law firm of Oakes & Fosher is interested in hearing from investors who believe this may be them.
Oakes & Fosher is currently investigating the possible misconduct of former securities broker Demitrios Hallas. According to his publicly available FINRA BrokerCheck report, Demitrios Hallas has been the subject of an SEC sanction.
Demitrios Hallas was a New York based securities broker. He worked in the securities industry for eleven years. During his career, he was registered with eleven different securities firms.
His Registrations
- First Union Securities (2001-2002)
- HSBC Brokerage (2002)
- McDonald Investments (2003)
- Chase Investment Services Corp. (2003-2005, 2008-2010, 2011-2012)
- Sorrento Pacific Financial (2007)
- Ameriprise Financial Services (2007-2008)
- PNC Investments (2010-2011)
- Aegis Capital Corp. (2012-2013)
- Santander Securities (2013-2014)
- Forefront Capital Markets (2014-2015)
- PHX Financial (2015)
The Allegations
Demitrios Hallas’ publicly available FINRA BrokerCheck report shows that he was sanctioned by the United States Securities and Exchange Commission in April 2017. The findings in this matter state that he either recklessly or knowingly invested five customers in securities that were highly unsuitable for them. Over the course of a year, Hallas allegedly executed 179 ETF and ETN trades. These are products that the SEC deems highly speculative and risky. These products are only suitable for sophisticated investors, of which these customers in question were not. The findings further alleged that Demitrios Hallas misappropriated over $170,000 from one customer. After telling the customer he would invest the funds on their behalf, he allegedly placed the funds in his personal bank account and used the funds for personal expenses that included bar and restaurant bills, credit card debt, student loan repayment, and rent. Due to these alleged actions, he was forced to pay $260,193 in disgorgement and barred from acting as a securities broker in any fashion.
What Does This Mean?
A securities broker converting funds into their personal bank accounts is one example of misappropriation, which essentially is the same thing as theft. A misappropriation of funds is when a securities broker misuses the funds from one agreed upon purpose for another purpose. Often, brokers will simply deposit these funds into their own account. This is conversion.
Oakes & Fosher Can Help
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Demitrios Hallas, please contact Oakes & Fosher for a free and private consultation.
