5.12.2009 The SEC charged Julio Ramirez, Jr., who was formerly affiliated with Los Angeles-based broker-dealers DAV/Wetherly Financial L.P. and Park Hill Group LLC, in connection with a multimillion dollar kickback scheme involving New York’s largest pension fund. The SEC alleges that Ramirez participated in the fraudulent scheme by helping his friend and associate Henry “Hank” Morris extract kickback payments from Aldus Equity Partners, an investment management firm that was seeking to win investment business from the New York State Common Retirement Fund. The SEC’s amended complaint alleges that Ramirez aided and abetted violations of § 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5, and §§ 206(1) and 206(2) of the Investment Advisers Act of 1940. The complaint seeks permanent injunctions against future violations of the federal securities laws, disgorgement of ill-gotten gains with prejudgment interest, and financial penalties. The SEC’s investigation is continuing. In a parallel criminal action, the Office of the Attorney General of the State of New York today announced the unsealing of criminal charges against Ramirez.
Click http://www.sec.gov/news/press/2009/2009-108.htm to access the SEC’s press release.
