SEC Administrative Proceeding – Stephen Grossman

Posted on December 22, 2021Comments Off on SEC Administrative Proceeding – Stephen Grossman

Washington, DC (STL.News) The US Securities and Exchange Commission has filed an Administrative Proceeding (File No. 3-20690) against STEPHEN KENNETH GROSSMAN, Respondent, on December 22, 2021, for Order Instituting Administrative Proceeding Pursuant to Section 159(b) of the Securities Exchange Act of 1934 and Notice of Hearing.

After an investigation, the Division of Enforcement alleges that:

  • Respondent, age 72, is last known to reside in Woodland Hills, California. From at least late 2016 until early 2018, Respondent was engaged in the business of effecting transactions in, or inducing, or attempting to induce the purchase and sale of securities and received transaction-based compensation.  During the period relevant to this action, Respondent was neither registered with the Commission as either a broker or a dealer nor was he associated with a broker or dealer registered with the Commission.
  • On October 7, 2021, a final judgment was entered against Respondent, permanently enjoining him from future violations of Section 15(a)(1) of the Exchange Act in the civil action entitled Securities and Exchange Commission v. Gregory Lamont Drake et al., Civil Action Number 2:20-cv-00405-MCS-PLA, in the United States District Court for the Central District of California.
  • The Commission’s complaint alleged that, from at least late 2016 until early 2018, Respondent, using the mails or other means or instrumentalities of interstate commerce, effected transactions in, or induced or attempted to induce the purchase and sale of, securities and received commissions while he was not registered with the Commission as a broker or dealer nor while he was associated with an entity registered with the Commission as a broker or dealer.

SEC Filing – PDF

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