New York-based SeaCrest Wealth Management will pay a $375,000 fine for failing to properly prevent a cherry-picking scheme perpetrated by one of its investment advisers.
The Securities and Exchange Commission (SEC) announced Thursday that it has charged Eric Cobb with engaging in a three-year scheme in which he allocated profitable securities trades to accounts he controlled, and unprofitable trades to the accounts of other clients. He earned approximately $170,000, while his clients lost approximately $188,000, the SEC alleged.
