Bahamas Broker, Firm Should Pay SEC $15 Million in Damages (1)

Guy Gentile and his firm SureTrader should cough up about $15.5 million for soliciting US customers without registering with the Securities and Exchange Commission, a magistrate judge said.

That includes more than $13.1 million returned in any ill-gotten gains between the Bahamas-based broker-dealer and its principal, plus $520,200 from Gentile himself, said Magistrate Judge Edwin G. Torres.

Gentile should pay an almost $1.89 million civil penalty and be barred from further violations of a broker-dealer registration law, said Torres’ report and recommendation to the US District Court for the Southern District of Florida on Monday.

Torres recommended slightly less ...