Newbury Park Broker Barred From Industry
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A Newbury Park stockbroker was charged with securities fraud and barred from the industry by the Securities and Exchange Commission for his alleged part in a scheme to fraudulently sell stock in Golden Gate Industries Inc., a Florida shell company.
Roger N. Arnold, a former principal of Equigroup Securities Inc. of Englewood, Colo., consented to the order without admitting or denying guilt. The SEC’s decision was based on Arnold’s and Equigroup’s conviction in a federal court in Kansas last year on securities fraud charges, the SEC said.
According to the SEC, Arnold sold stock in Golden Gate during 1986 while using false and misleading information. He also failed to disclose that Equigroup controlled Golden Gate and that he had an interest in Golden Gate stock, the agency said.
Arnold could not be reached for comment.
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