Ten Brokers Charged with Microcap Fraud Targeting Seniors

SEC v. Kfir Barzilay (a/k/a Steven Steele), Eugene Beigelman, Yan Dikshteyn (a/k/a Jon Dixon), Oleg Feldman (a/k/a Alec Feldman), Boris Fidler (a/k/a Brian Fidler), Stanslav Kaminsky (a/k/a Stan Kaminsky), Lawrence Pross, David Rubinov (a/k/a David Rubin), Ernest Salgan and Garri Zhigun

2003
$774,906

Case charging ten brokers in the New York and Chicago branch offices of W.J. Nolan with targeting retired customers in a classic boiler-room sales practice fraud, involving churning and unsuitable recommendations for microcap securities. At least 77 customers lost over $800,000 while the brokers collected over $250,000 in commissions. Typical of the defrauded customers was an 81-year old retiree whose wife was suffering from Alzheimer’s disease. The SEC obtained judgments of injunction and monetary sanctions against nearly all defendants, and also brought administrative proceedings against most of them.

SEC Prosecutions

Ten Brokers Charged with Microcap Fraud Targeting Seniors

SEC v. Kfir Barzilay (a/k/a Steven Steele), Eugene Beigelman, Yan Dikshteyn (a/k/a Jon Dixon), Oleg Feldman (a/k/a Alec Feldman), Boris Fidler (a/k/a Brian Fidler), Stanslav Kaminsky (a/k/a Stan Kaminsky), Lawrence Pross, David Rubinov (a/k/a David Rubin), Ernest Salgan and Garri Zhigun

Key Docs

Case Materials