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Stock Broker Sentenced In Fraud Scheme
R. Alexander Acosta, United States Attorney for the Southern District of Florida, and Michael S. Clemens, Special Agent in Charge, Federal Bureau of Investigation, announced today that a federal judge in Miami, Florida sentenced a former T.D. Waterhouse stock broker to 27 months imprisonment for pilfering more than $120,000 from clients’ securities brokerage accounts. Ramon G. Oliveros, 37, was sentenced this afternoon by U.S. District Court Judge Ursula Ungaro Benages to 27 months’ imprisonment and 2 years of supervised release and was ordered to pay restitution in the amount of $121,910. Oliveros was employed by TD Waterhouse as an assistant branch manager in the Coral Gables branch. He is listed in NASD records as a registered Investment Advisor Representative.
He was indicted on 8 counts of securities fraud on May 11, 2005, and entered a guilty plea on June 29, 2005. The Indictment charged that Oliveros identified money market accounts that had been opened by three separate investors, all of whom lived outside the United States, whose accounts reflected little banking activity. He identified one account in particular and arranged for the TD Waterhouse Customer Service Center to send him a new ATM card and pin number for that account. He then found two other accounts at the bank that had little activity and wired money into the account he now controlled. From June 1, 2003 through July 19, 2004, Oliveros caused the sale of securities form these accounts, totaling more than $120,000.
He then withdrew the money through various ATM machines. After being alerted to this excessive ATM activity, the TD Waterhouse fraud department discovered that all of the transfer and deposit instructions originated from e-mails sent by Oliveros. Mr. Acosta commended the investigative efforts of the Federal Bureau of Investigation and FBI Special Agent Ann M. Eddy. The case was prosecuted by Assistant United States Attorney Wilfredo Fernandez. The U.S. Attorney commends the efforts of the Federal Bureau of Investigation , the U.S. Securities and Exchange Commission and the Florida Department of Financial Regulation, Bureau of Securities for their work on the matter.
Transfer Trades: Entries made upon the books of Futures Commission Merchants
Transfer Trades: Entries made upon the books of Futures Commission Merchants for the purpose of: (1) transferring existing trades from one account to another within the same firm where no change in ownership is involved; (2) transferring existing trades from the books of one FCM to the books of another FCM where no change in ownership is involved. Also called Ex-Pit Transactions.
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Definition:
Named after Charles Ponzi, a man with a remarkable criminal career in the early 20th century, the term has been used to describe pyramid arrangements whereby an enterprise makes payments to investors from the proceeds of a later investment rather than from profits of the underlying business venture, as the investors expected, and gives investors the impression that a legitimate profit-making business or investment opportunity exists, where in fact it is a mere fiction.
Security
Definition:
Generally, a transferable instrument representing an ownership interest in a corporation (equity security or stock) or the debt of a corporation, municipality, or sovereign. Other forms of debt such as mortgages can be converted into securities.
Equity
Definition:
As used on a trading account statement, refers to the residual dollar value of a futures or option trading account, assuming it was liquidated at current prices.
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