- 2010
Respondent broker purchased approximately $13.7 million in gold coins, paper currency, and other precious metals for forty-four of his brokerage customers, pursuant to his own recommendation. He kept the metals in his office, in his house, and at a coin and precious metals dealer, and sold approximately $10.4 million of the metals without the customers’ authorization. He used the money for personal and business expenses and to pay purported profits to certain investors. He also provided a customer with a fraudulent account statement that was designed to conceal the misappropriation and inflated the market values of the items not yet sold.
