Kansas Resident Charged with Acting as an Unregistered Broker and Impersonating an Investment Advisory Client

May 26, 2010

The SEC brought an administrative action against James E. Otto, finding that he committed fraud by using PIN numbers and other information provided him by account holders to access their accounts at TD Ameritrade and effect securities transactions after TD Ameritrade had barred him from accessing any TD Ameritrade account or allowing others to access those accounts on his behalf.

The SEC additionally found that Otto willfully violated Sections 206(1) and (2) of the Advisers Act by impersonating an advisory client in communications with TD Ameritrade without the client's specific authorization.

Click here to access the administrative action.


Categories

Enforcement Actions, Investment Advisers