re:Richard Molinsky->SEC BARS SIX FORMER D.H. BLAIR BROKERS FROM THE SECURITIES INDUSTRY
On May 5, the Commission issued an order barring six former stockbrokers
at now-defunct broker-dealer D.H. Blair & Co., from associating with any
broker or dealer. The six individuals - Robin Breitner, John DiBella,
Raymond Hernandez, Richard Molinsky, Richard Smith and Richard Gaydos -
consented to the issuance of the order, which was based on criminal
convictions obtained by the Manhattan District Attorney's Office after
an investigation by that office and the Commission staff. Each of the
six brokers pleaded guilty to and was convicted of at least one count of
violating the Martin Act - the New York state general business law - for
market manipulation and fraudulent sales practices. People of New York
v. D.H. Blair, et al., Ind. No. 3282/00.
In connection with their pleas, the six brokers were sentenced to
probation and five of them paid a total of $1,987,500 in restitution to
defrauded investors. Specifically, Breitner paid $175,000, DiBella paid
$40,000, Gaydos paid $97,500, Molinsky paid $1,500,000, and Smith paid
$175,000. In addition, each of the six brokers was required to perform
between 1,200 and 1,500 hours of community service.
Last December, in separate administrative proceedings, the Commission
revoked D.H. Blair & Co.'s broker-dealer registration and barred four
former D.H. Blair officers -Kenton Wood, Alan Stahler, Kalman Renov and
Vito Capotorto - from associating with any broker or dealer. See Rels.
34-47070, 34-47071, 34-47072, 34-47074, and 34-47073. (Rel. 34-47797;
File No. 3-11105) |
