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Sand Hill Exchange Founder Accepts Responsibility, Has Feedback for SEC

Bruce Carton | June 18, 2015

Despite a few outliers, most defendants in SEC settlements continue to settle cases "without admitting or denying" the allegations against them. While such language was also included in the Order memorializing the settlement of the SEC's recent administrative proceeding In the Matter of Sand Hill Exchange, et al., the settlement was quickly followed by an unusual video from Gerrit Hall, the founder of the Sand Hill Exchange, in which he stated that he did, in fact, 

personally accept all responsibility for any and all wrongdoing throughout the entirety of Sand Hill Exchange.  In particular, while trying to grow our waitlist, I utilized aggressive marketing tactics and I misused words that are highly charged in the financial sector.  I should have been less sloppy in my execution and more deliberate in my language. Please accept my sincerest regrets.

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