The Securities and Exchange Commission (SEC) today charged Raymond J. DiMuro, a former principal of Your Source Financial, PLC, a formerly SEC-registered investment adviser based in Phoenix, Arizona, with defrauding clients by conducting a cherry-picking scheme.
According to the SEC’s complaint, from at least January 2018 to January 2022, DiMuro principally traded for Your Source clients by placing securities trades through a block trading account; block accounts facilitate purchases of securities for multiple client accounts.
As alleged by the SEC, however, DiMuro placed trades throughout the trading day but did not allocate portions of the block trades until later in the trading day, which allowed DiMuro to consider whether the traded security had gone up or down in price since the block trade had been executed in determining how to allocate…
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