Image may be NSFW.
Clik here to view.
A New York broker who participated in a scheme to profit from the death of terminally ill patients through variable annuity sales must return $768,000 in commissions, a U.S. Securities and Exchange Commission judge ruled on Wednesday.
SEC Chief Administrative Law Judge Brenda Murray, however, stopped short of levying an additional civil fine or barring the broker, citing a 2013 U.S. Supreme Court case that precludes such penalties for conduct that is more than five years old when the SEC launches an enforcement case.
While Murray is unable to bar the broker, Moshe Marc Cohen, securities industry rules could ultimately disqualify him from holding a license because he was found to have engaged in securities fraud.
Source: Reuters
