In the Matter of Anand Sekaran:
On November 30, 2012, the Commission issued an Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934 and Section 203(f) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions (Order) against Anand Sekaran (Sekaran).
On November 26, 2012, the Honorable Jesse M. Furman, United States District Judge for the Southern District of New York, entered a final judgment by consent against Sekaran in the civil action entitled Securities and Exchange Commission v. Anand Sekaran, et al., Civil Action No. 12-CV-8199 (S.D.N.Y.). The final judgment imposed permanent injunctions from future violations of the antifraud provisions of the federal securities laws. Sekaran is also required to pay $2.3 million to satisfy restitution and forfeiture orders in a related criminal matter. The Commission’s complaint alleged, inter alia, that Sekaran, as an investment adviser, engaged in fraudulent conduct, including making material misrepresentations to clients, providing fabricated and misleading account statements to clients, and misappropriating client funds.
Based on the above, the Order bars Sekaran from association with any broker, dealer, investment adviser, municipal securities dealer, municipal adviser, transfer agent, or nationally recognized statistical rating organization; and from participating in any offering of a penny stock, including: acting as a promoter, finder, consultant, agent, or other person who engages in activities with a broker, dealer, or issuer for purposes of the issuance or trading any penny stock, or inducing or attempting to induce the purchase or sale of any penny stock. Sekaran consented to the issuance of the Order.
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