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Boca Broker: 'These CMO's are Suitable for Widows and Orphans'
The SEC instituted administrative proceedings against a former RR in the Boca Raton, FL office of Brookstreet Securities in connection with the offer, sale, or purchase of certain types of CMO's, or Collateralized Mortgage Obligation. RR James Caprio told his customers that the CMOs in which they would invest were safe, secure, liquid investments that were suitable for retirees, retirement accounts, and investors with conservative investment goals. Contrary to what he told customers, between 2004 and 2005, Caprio invested his customers’ funds in risky types of CMOs.
Caprio, who holds Series 4, 7, 24, 63, and 65 licenses, and is 47, agreed to be barred from the industry to settle SEC charges in the matter. [SEC '34Act Release 63714, 1/13]
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