Friday, January 11, 2008
The SEC barred Elliot Joel Smith (E. Smith), of New York City, and his son, Gregg Ashley Smith (G. Smith), from associating with any broker-dealer because of alleged insider-trading. E. Smith was employed as the Managing Director of Broadband Capital Management,LLC, a registered broker-dealer, and G. Smith was employed as an investment banker at Banc of America Securities,LLC. The sanction was based on a permanent injunction entered in an SEC enforcement action. The complaint in that matter alleged that from December 2001 to December 2002, E. Smith received material, nonpublic information about three public companies from his son, G. Smith, and traded on that information.