Everyone Loves a Scandal

Photo by Ewan Munro. Some rights reserved.

Holding rank in the Most Popular section of our Keep Current page is an SEC Press Release published on January 6th 2011.  The title? “Broker Accused of Defrauding Elderly Nuns Settles Case with SEC.”

Paul George Chironis, formerly affiliated with now-defunct broker-dealer firm Capital Growth Financial, Inc., has been charged with churning two accounts owned by the Sisters of Charity, a congregation of mostly elderly nuns in the Bronx.  It seems Chironis took advantage of “one account with money for care of nuns in assisted-living facilities and a second account to support the nuns’ charitable endeavors” to engage in high turnover trading from January 2007 to January 2008.

Chironis has agreed to pay $350,000 to the nuns in the SEC settlement without “admitting or denying any of the allegations in the civil injunctive action against him.”

And those in receipt of our Daily Securities News have demonstrated that they love a good scandal.