Securities News

Stock Broker Sentenced In Fraud Scheme

R. Alexander Acosta, United States Attorney for the Southern District of Florida, and Michael S. Clemens, Special Agent in Charge, Federal Bureau of Investigation,  announced today that a federal judge in Miami, Florida sentenced a former T.D. Waterhouse stock broker to 27 months imprisonment for pilfering more than $120,000 from clients’ securities brokerage accounts. Ramon G. Oliveros, 37, was sentenced this afternoon by U.S. District Court Judge Ursula Ungaro Benages to 27 months’ imprisonment and 2 years of supervised release and was ordered to pay restitution in the amount of $121,910. Oliveros  was employed by TD Waterhouse as an assistant branch manager in the Coral Gables branch. He is listed in NASD records as a registered Investment Advisor Representative. 

He was indicted on 8 counts of securities fraud on May 11, 2005, and entered a guilty plea on June 29, 2005. The Indictment charged that Oliveros identified money market accounts that had been opened by three separate investors, all of whom lived outside the United States, whose accounts reflected little banking activity.  He identified one account in particular and arranged for the TD Waterhouse Customer Service Center to send him a new ATM card and pin number for that account.  He then found two other accounts at the bank that had little activity and wired money into the account he now controlled.  From June 1, 2003 through July 19, 2004, Oliveros  caused the sale of securities form these accounts, totaling more than $120,000. 

He then withdrew the money through various ATM machines. After being alerted to this excessive ATM activity, the TD Waterhouse fraud department discovered that all of the transfer and deposit instructions originated from e-mails sent by Oliveros. Mr. Acosta commended the investigative efforts of the Federal Bureau of Investigation and FBI Special Agent Ann M. Eddy. The case was prosecuted by Assistant United States Attorney Wilfredo Fernandez. The U.S. Attorney commends the efforts of the Federal Bureau of Investigation , the U.S. Securities and Exchange Commission and the Florida Department of Financial Regulation, Bureau of Securities  for their work on the matter.

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	Did You Know?
	Swap: In general, the exchange of one asset or liability for a similar asset or liability Swap: In general, the exchange of one asset or liability for a similar asset or liability for the purpose of lengthening or shortening maturities, or raising or lowering coupon rates, to maximize revenue or minimize financing costs. This may entail selling one securities issue and buying another in foreign currency; it may entail buying a currency on the spot market and simultaneously selling it forward. Swaps also may involve exchanging income flows; for example, exchanging the fixed rate coupon stream of a bond for a variable rate payment stream, or vice versa, while not swapping the principal component of the bond. Swaps are generally traded over-the-counter.