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Advisory Firm President to Pay $2.1Mn in Cherry-Picking Fraud - SEC
A federal grand jury in Chicago has indicted Charles Dushek, of Warrenville, IL, a suburban investment advisor (RIA) on securities fraud charges for allegedly allocating profitable trades to his personal accounts while assigning unprofitable trades to his client accounts.
From July 2008 to August 2012, Dushek, president of Capital Management Associates ("CMA") allegedly made more than 16,000 purchases of publicly traded securities valued at more than $400 million without designating in advance whether he was trading personal funds or client funds. He then allegedly waited up to 5 days to allocate the trades so that he could select the profitable ones for his personal accounts and assign the losing ones to the accounts of unsuspecting clients. All told, he allegedly withdrew from his personal accounts more than $1 million in gains realized from the scheme.
On May 16, 2013, the SEC filed a civil action against Dushek, CMA and others. The SEC's complaint arose out of similar facts alleged in the indictment. On 6/4/14, the SEC obtained a final judgment against Dushek, ordering him to pay $2.1 million in disgorgement, prejudgment interest and penalties. The SEC also permanently barred Dushek from the industry
