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SEC defendant Gentile denies wrongdoing

2022-01-24 20:30 ET - Street Wire

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by Mike Caswell

Offshore brokerage operator Guy Gentile, who faces charges from the U.S. Securities and Exchange Commission for helping traders circumvent U.S. day-trading rules, denies that he did anything wrong. He claims to have been acting at the behest of law enforcement agencies, and says that the SEC was well aware of his role. The FBI, acting alongside the SEC, had employed his firm to ensnare securities violators, he claims.

Mr. Gentile, who previously beat charges stemming from the manipulation of Vancouver's Raven Gold Corp., is responding to a case that the SEC brought on March 22, 2021. The regulator said that he was behind a scheme that allowed traders to avoid restrictions on day-trading accounts. He ran a brokerage, called SureTrader, that advertised itself as a way to "Avoid the Nasty PDT [pattern day trader] Rule." (The Financial Industry Regulatory Authority, or FINRA, imposes restrictions on day-trading accounts in an effort to mitigate the high risks involved. Among other things, the regulator restricts the amount of buying that a trader in the U.S. can do in a day.)

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