Skip to Primary Navigation

Skip to main content

SEC bans ex-Merrill Lynch broker over fake fund scheme

SEC headquarters
Photo: Getty Images/hapabapa

Alexander Barzacanos

1 min read
 Click to share on Facebook (Opens in new window/tab) Click to share on Twitter (Opens in new window/tab) Click to share on LinkedIn (Opens in new window/tab) Click to share on WhatsApp (Opens in new window/tab)

The penalty also highlights the dangers of brokers using unapproved channels to communicate with prospective clients.

Rajesh Markan, a former private equity broker previously employed by Merrill Lynch and Hilltop Securities, consented to a final judgment by the SEC for his role in a 10-year scheme that solicited approximately $2.7m from 10 clients, ostensibly to be invested in a fund that ended up being entirely fictitious.

The

, , , , , , , , ,