Broker Fined $189,000 and Barred for Illegal Option Trading

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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Dimond Kaplan & Rothstein, P.A. has vast experience representing investors who have lost money as a result of securities fraud or stockbroker misconduct. We will aggressively pursue claims to recover your losses or damages.

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