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Sunday, June 14, 2015

SEC BRINGS CHARGES FOR OPERATION OF UNREGISTERED BROKERAGE BUSINESS

FROM:  U.S. SECURITIES AND EXCHANGE COMMISSION 
Litigation Release No. 23283 / June 11, 2015
Securities and Exchange Commission v. Joshua A. Yudell and OCFB LLC, et al., Civil Action No. 1:15-cv-4548 (S.D.N.Y. June 11, 2015)
SEC Charges Individual with Operating an Unregistered Brokerage Business

The Securities and Exchange Commission charged a New York-based individual, operating through numerous doing-business-as entities, with effecting transactions in securities while neither he nor any of the entities he controlled were registered with the Commission as a broker or dealer.

The SEC alleges that, beginning at least as early as April 2010, Joshua A. Yudell, operating through OCFB LLC; Oxford Advisors, Inc.; Oxford Capital Advisors, LLC; Oxford Capital Alternative Investments, Inc.; Oxford Capital Fund, LP; and Oxford Capital Fund, LLP; entered into numerous agreements with securities owners pursuant to which he would obtain custody and control over their securities, attempt to sell the securities into the market, and then provide the net proceeds, minus Yudell's fees, to the securities owners. Yudell agreed to pay a total of $4,420,568.87 to settle the SEC's charges.

Without admitting or denying the allegations in the SEC's complaint, Yudell consented to the entry of a final judgment that, among other things, orders him to pay disgorgement, prejudgment interest, and financial penalties, and permanently enjoins him from violating Section 15(a)(1) of the Securities Exchange Act of 1934.

The proposed settlement is subject to court approval.

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