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Surprise! James Y. Lee banned from securities industry

He doesn't show up for hearing; he's in prison.

On May 22, the Securities and Exchange Commission banned James Y. Lee, formerly of La Jolla, from the securities industry.

Lee didn't show up for the hearing. One reason: he is in Taft Correctional Institution for criminal misdeeds. He has quite a record. In 1997, he was convicted of wire fraud and pension embezzlement and was sentenced to thirty months in custody. He was ordered to pay $2.88 million in restitution and failed to pay "the vast majority" of it, according to the agency.

In 2007, he set up a shell corporation and peddled stocks to victims. He falsely told them he was a certified public accountant, had a master's degree in business administration, and held a juris doctorate. The next year, he was ordered to cease and desist selling penny stocks. He was trading some of them without authorization.

In 2014, the securities agency charged Lee with defrauding clients. Among other things, he falsified clients' returns so he could collect undeserved management fees.

For these and other sins, the commission said Monday, "an industry bar against Lee is in the public interest." Hmm. Anybody argue with that?

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On May 22, the Securities and Exchange Commission banned James Y. Lee, formerly of La Jolla, from the securities industry.

Lee didn't show up for the hearing. One reason: he is in Taft Correctional Institution for criminal misdeeds. He has quite a record. In 1997, he was convicted of wire fraud and pension embezzlement and was sentenced to thirty months in custody. He was ordered to pay $2.88 million in restitution and failed to pay "the vast majority" of it, according to the agency.

In 2007, he set up a shell corporation and peddled stocks to victims. He falsely told them he was a certified public accountant, had a master's degree in business administration, and held a juris doctorate. The next year, he was ordered to cease and desist selling penny stocks. He was trading some of them without authorization.

In 2014, the securities agency charged Lee with defrauding clients. Among other things, he falsified clients' returns so he could collect undeserved management fees.

For these and other sins, the commission said Monday, "an industry bar against Lee is in the public interest." Hmm. Anybody argue with that?

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Comments
7

A toothless government tiger issues a civil ordering barring this guy from the "securities industry". Ooooooo ahhhhhh....all is true and right in the World of Finance.

What really needs to be done is a permanent brand on this and other a..holes foreheads so everyone who may have future contact knows he's a fraudster who will prey on anyone. We should give him a scarlett $.

Nothing, especially an "order" from the Securities and Exchange Commision, will stop "Mr. Lee" from perpetrating his frauds in the future. More than likely he'll just change his name to Lee James, then, after ruining more lives, he will say "they" got his name wrong.

People who prey on others for financial gain should be locked up for life so they can no longer harm or literally destroy lives.

May 26, 2017

JustWondering: You are exactly right. The Securities and Exchange Commission has no teeth. And not just because it is a civil agency with no criminal power. Generally speaking, it goes after the small fry and doesn't touch the really big crooks because the lawyers who work for the crooks have jobs -- or have had jobs -- with the commission, and are also the most expensive lawyers around. They snow the agency with demand after demand for documents. The SEC doesn't have the money to comply, because Congress, in the pockets of the crooks, keeps cutting the SEC's budget.

When the SEC catches a bandit, he neither confirms nor denies his guilt. We call it, "I didn't do it, but I will never do it again." Best, Don Bauder

May 26, 2017

And many of our so-called leaders want to privatize Social Security.

May 28, 2017

SEC is a bad joke and just trolls for small fry...It was very rare for them to go after any major Wall St "Players" that crashed the World Economy in 2008. All were given a "get out of jail free pass"...

May 31, 2017

SportsFan0000: Generally, the SEC goes after big-time crooks when the news breaks first, such as with Madoff, and the agency MUST move. Best, Don Bauder

June 2, 2017

AlexClarke: Yes, privatization of Social Security would be a disaster-- except for Wall Street and the politicians in its pockets. But civility has history on its side: George W. Bush flopped completely trying to privatize Social Security.

However, voters' memories might not be so reliable. Example: Presidents Reagan, GW Bush, etc. substantially lowered taxes of the superrich. It was trickle-down economics in disguise. Trickle-down economics has always been a disaster. Yet Trump apparently believes the public will forget prior disasters; he is proposing massive tax cuts for the superrich, despite the fact that this element of society has garnered almost all the income gains since the1980s.

Best, Don Bauder

May 28, 2017

....

May 31, 2017

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