FINRA Expels Hudson Valley Capital Management and Bars CEO for Defrauding Clearing Firm and Customers

FINRA has expelled NY-based Hudson Valley Capital Management and barred Chief Executive Officer, Mark Gillis, from the securities industry for defrauding the broker-dealer's clearing firm and customers by using their funds and securities to cover losses caused by Gillis's manipulative day trading. Hudson Valley failed to supervise Gillis's trading activities at the firm; thus, Gillis was able to conduct his fraudulent trading scheme without restriction. Gillis's scheme caused a net capital deficiency for Hudson Valley in excess of $350,000.

View disciplinary action in full here (links externally to FINRA website). See also: Press Release.