Securities trader River North Equity LLC must face the SEC’s claims that it made $31 million in profit from an allegedly illegal stock distribution and market manipulation scheme after the District of Illinois found sufficient allegations that the company acted as a dealer instead of a trader.
The SEC may proceed with claims that River North acted as an unregistered dealer, and that the company’s president, Edward Liceaga, and director of business development, Michael Chavez, aided and abetted violations of the Securities and Exchange Act, the U.S. District Court for the Northern District of Illinois said Dec. 4.
The SEC ...
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