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Part-time pretzel store employee with just 9 cents in bank account charged with fraudulent ‘free-riding’ scheme to buy shares of Tesla, GameStop and Nvidia without paying nearly $200,000 announced by the Securities and Exchange Commission. (SEC) said.
Deyonte Jaatri Anthony, 23, of Concord, North Carolina, has been charged with using a fraudulent application to open a brokerage account in July 2022. The SEC said he inflated his personal income and fraudulently deposited $1 million from his bank account. At the time, he worked at a variety of fast food and retail outlets, including his pretzel chain Auntie His Apricots, and had only nine cents in his bank account.
Headquarters of the U.S. Securities and Exchange Commission (SEC) in Washington, DC (Saul Loeb/AFP via Getty Images/Getty Images)
according to complaintsAnthony used “instant access” credit provided by a securities dealer to buy 20 shares of Tesla, GameStop, Nvidia, and a cybersecurity ETF called HACK before his deposit was canceled for lack of funds. Bought for nearly $10,000. The complaint does not name the intermediary.
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The lawsuit alleges that the brokerage firm found out about the scheme, froze the accounts and liquidated the stock holdings before it was profitable.
The brokerage liquidated Anthony’s holdings for a net profit of $7,127. He could not sell his holdings for a profit until the brokerage froze the account.
According to the SEC, when asked why he deposited $1 million without the funds needed for the transaction, Anthony said it was a “joke” and “didn’t consider it a scam at all.” Ta.
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Anthony is permanently barred from trading securities and must provide a copy of the SEC complaint to any bank seeking to open a brokerage account.
At this time, Anthony is not formally represented in the SEC litigation. No notice of appearance has been filed on his behalf.
