Bahamas Broker Ordered to Pay SEC $19 Million Over US Clients

Guy Gentile and his shuttered, Bahamas-based firm were ordered to fork over almost $19.2 million to the Securities and Exchange Commission after being found liable for operating as an unregistered broker-dealer in the US.

Gentile and SureTrader are jointly and severally liable for more than $16.5 million in ill-gotten gains plus prejudgment interest, Judge Beth Bloom ordered in the US District Court for the Southern District of Florida Monday. Gentile additionally owes $520,200 in disgorgement, more than $231,000 in prejudgment interest, and a nearly $1.89 million civil penalty.

• A jury last year found SureTrader, the name MintBroker International Ltd. did ...