(CN) - Duncan Capital Group and the unregistered broker-dealer who ran it must disgorge $8.3 million in ill-gotten gains, penalties and interest, a federal judge in New York ruled. Michael Crow made millions in commissions and claimed the lion's share of profits while lying about the company and his role in it, the SEC said.
"Duncan Capital's regulatory filings ... failed to identify Crow as an officer, director or 'control affiliate' of the firm, and falsely stated that (1) no court had ever enjoined any of Duncan Capital's control affiliates in connection with an investment-related activity; and (2) the Commission had never entered an order against any of the firm's control affiliates in connection with an investment-related activity," the SEC said in announcing the verdict after a weeklong bench trial.
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