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Securities and Exchange Commission v. Botvinnik

2019 WL 4738900 (2019)

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Securities and Exchange Commission v. Botvinnik

United States District Court for the Southern District of New York
2019 WL 4738900 (2019)

  • Written by Tanya Munson, JD

Facts

Emil Botvinnik (defendant) worked as a registered representative associated with the brokerage firm Myers Associates, LP (Myers) in New York. While he was employed at Myers, Botvinnik defrauded five customers (the customers). Botvinnik recommended to the customers an investment strategy that was almost certain to lose money. The strategy involved frequent purchases and sales of securities. The customers’ turnover ratio and cost-to-equity ratio exceeded what the industry considered to be indicators of excessive trading. Botvinnik represented to each of the customers that his strategy would be profitable, despite concealing the trading costs of each transaction. The customers would have had to achieve annual returns of between 31 to 150 percent to cover the trading costs associated with Botvinnik’s recommendations. Botvinnik received approximately $3.7 million in compensation. The Securities and Exchange Commission (SEC) (plaintiff) brought suit against Botvinnik, alleging he violated § 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 of the Securities Act of 1933, the antifraud provisions of the federal securities laws.

Rule of Law

Issue

Holding and Reasoning (Broderick, J.)

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