Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Tuesday, January 13, 2009

Former Banc of America Securities Rep Barred for Cash Kickbacks

The SEC issued an Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities and Exchange Act of 1934 and Section 203(f) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions against Paul G. Risoli., a former registered representative associated with Banc of America Securities LLC.  The Order finds that on Aug. 2, 2007, Risoli pled guilty to criminal charges of wire fraud and conspiracy to commit wire fraud and commercial bribery. The Order further finds that the criminal charges to which Risoli pled guilty, alleged that Risoli caused Banc of America to allocate stock from certain initial public offerings and secondary offerings to Q Capital Investment Partners, LP (Q Capital) in exchange for Q Capital paying Risoli cash kickbacks.  Based on the above, the Order bars Risoli from association with any broker, dealer, or investment adviser, with the right to reapply for association after three years to the appropriate self-regulatory organization, or if there is none, to the Commission. Risoli consented to the issuance of the Order without admitting or denying the findings in the Order, except as to his guilty plea.

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