The Securities and Exchange Commission (SEC) charged Kevin Arnell with fraud yesterday. He was accused of diverting at least $1.95 million to his personal brokerage account from a fund over which he had trading authority. The complaint alleged that Mr. Arnell carried out a fraudulent matched-trades scheme in which he prearranged the purchase or sale of call options between his own account and the brokerage accounts of the fund at prices that were disadvantageous to the fund and advantageous to him. This occurred at least 265 times by matching trades between the fund and his personal account. He did it intentionally and fraudulently. The U.S. Attorney’s Office for the District of Massachusetts also filed criminal charges against Arnell yesterday. If you lost money with Kevin Arnell, our securities attorneys may be able to help you. Please call our securities law firm in Chicago at 312-332-4200 for a free consultation. We may be able to recover any losses you may have suffered on a contingency fee basis. There is no obligation.
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