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Unregistered brokers charged after facilitating over $1.2bn in primarily penny stock trades

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Martina Lindberg

1 min read
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SEC takes action against two brokers-dealers and two New York companies after 19,000 unregistered securities trades.

Two broker-dealers and two New York-based entities have been charged by The Securities and Exchange Commission (SEC) with operating as unregistered broker-dealers. The SEC’s complaint states that K. Galvani and Stuart A. Jeffery facilitated more than $1.2bn of securities trading, primarily in penny stocks.

According to the complaint, Galvani

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