Stoltmann Law Offices continues to investigate former broker Mark Gillis. Gillis was recently sentenced to time served and a year of home detention for defrauding customers of his brokerage firm out of almost $40,000. Gillis was ordered to forfeit $379,562 and to pay $226,500 in restitution to the Securities Investor Protection Corp. He could face up to 25 years in prison, a fine of up to $250,000 and a term of post-imprisonment supervised release of up to five years. Mark Gillis was co-owner of Hudson Valley Capital Management Inc., a securities broker-dealer in Saranac Lake. He admitted to purchasing shares of a stock and then transferring the shares to three Hudson Valley customers at improper markups of up to 280 percent. Because of this, he ended up stealing $379,652 from the customers. Before that, he allegedly suffered losses of $400,000 while trading securities for his own benefit.
According to his online, public records with the Financial Industry Regulatory Authority (FINRA), Mark Gillis was previously registered with Dickinson & Co., Toluca Pacific Securities Corp, Trautman Wasserman & Company, Kimball & Cross Investment Management Corp, LaSalle Street Securities, Hudson Valley Capital Management in Croton on Hudson, New York from December 2009 until November 2012 and Westor Capital Group. Dickinson, Trautman, Hudson Valley and Westor Capital have all been expelled by FINRA. He has one customer dispute against him, alleging failure to follow instructions and breach of fiduciary duty, and four regulatory matters. He has been permanently barred from the industry.
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