SAN FRANCISCO (CN) - The Securities and Exchange Commission has accused David Scott Cacchione, former managing director of Merriman Curhan Ford & Co., of participating in two schemes to defraud investors.
In the first scheme, Cacchione allegedly provided account statements of Merriman clients to his customer and friend, William J. "Boots" Del Biaggio III, who used the securities to obtain more than $45 million in personal loans.
Cacchione also netted more than $32,000 in illegal commissions by buying risky, thinly traded stocks without his customers' permission, the SEC claims in Federal Court.
The government demands disgorgement and an order forcing Cacchione to pay civil penalties.
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