A New Jersey broker faces Justice Department and SEC allegations of securities fraud after agency data analysis detected him using a pooled customer account to cherry-pick the best trades for himself.
Michael A. Bressman made $700,000 between 2012 and February 2018 through cherry-picked trades, the Securities and Exchange Commission and Justice Department allege in complaints filed Sept. 11 and 12. Bressman misused access to an omnibus customer account to transfer profitable trades to his account, leaving customers with unprofitable trades, the agencies said in the U.S. District Court for the District of Massachusetts.
Cherry-picking occurs when a broker “defrauds ...
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