South Florida Arbitration & Litigation Lawyer Blog
SEC Enforcement Action:
In the Matter of Bradford Keith Dent
On September 21, 2012, the Commission issued an Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934 against Bradford Keith Dent. Dent was a registered representative with Carty & Company, a broker-dealer with offices in Memphis, Tennessee registered with the Commission.
On February 9, 2012, a judgment of conviction was entered against Dent in the United States District Court for the Western District of Tennessee upon Dent’s entry of a plea of guilty to one count of securities fraud in violation of 18 U.S.C. § 1348 (United States v. Bradford Keith Dent, Crim. Case No. 2:10-CR-20345-01). On May 31, 2012, the Court sentenced Dent to 30 months in prison and two years of supervised release, and ordered Dent to pay restitution in the amount of $126,000.00.
The count of the criminal indictment on which Dent was convicted alleged that Dent, while employed by Carty & Company, created losing trades in a customer account and that he transferred the “losses” in the customer account as gains to proprietary accounts of Carty & Company in order to offset losses in the company proprietary, or “error,” accounts that Dent had accumulated as a result of his unauthorized day trading activities in the accounts.
A hearing will be scheduled before an Administrative Law Judge to determine whether the allegations contained in the Order are true, and to afford the Respondent an opportunity to establish defenses to the allegations, and to determine whether remedial action is appropriate and in the public interest.
The order requires the Administrative Law Judge to issue an initial decision no later than 210 days from the date of service of the Order, pursuant to Rule 360(a)(2) of the Commission’s Rules of Practice
The Order provides for public administrative proceedings to establish the truth of the allegations set forth therein, and for a determination of what remedial action against Dent, if any, is in the public interest. (Rel. 34-67911; File No. 3-15039)
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