sec whistleblower attorneys
September 14, 2020
Roosevelt & Cross, Inc., Thomas Vigorito, William W. Welsh
Municipal Securities Fraud
SANCTION AMOUNT: $1082015
Defendants: Roosevelt & Cross, Inc.
Thomas Vigorito, William W. Welsh
Respondents, a NY broker-dealer and two of its registered representatives, agreed to settle the SEC’s allegations that they circumvented the priority of orders set by municipal bond issuers. Respondents allegedly did this in two ways: (i) by allocating bonds to “flippers” that they knew or should have known did not qualify for retail priority, who immediately re-sold the bonds; and (ii) by using the flippers as proxies for bond orders for the Respondent broker-dealer’s own inventory.
- Key Docs
- Official SEC press release