Financial Sherpa Broker Fined and Barred for Illegal Option Trading
The Securities and Exchange Commission (SEC) barred the founder and owner of Financial Sherpa Inc., James L. Beyersdorf, for his role in a cherry-picking scheme.
Option Trading Scheme Net Profits for Perpetrators
In a cease-and-desist order, the SEC alleged that from October 2017 to April 2018 Beyersdorf and his wife used false and misleading statements and allocated unprofitable option trades to clients while allocating profitable options trades to themselves. Using this cherry-picking option trading scheme, the couple was able to pocket over $232,000 in profits.
SEC Issues Fines and Penalties
The SEC has ordered Financial Sherpa owner James Beyersdorf to pay disgorgement of $232,000, plus prejudgment interest of over $15,000, and another $189,000 in civil penalties.
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If you are looking for a securities fraud attorney to review your rights and options, the securities fraud lawyers at Dimond Kaplan & Rothstein, P.A. represent individual and institutional investors who have lost money as a result of securities fraud or stockbroker misconduct.