Gustavo Dolfino Barred by SEC

Gustavo Dolfino (CRD #: 2565725), a broker formerly registered with Silver Leaf Partners, has been barred by the SEC, according to his BrokerCheck record, accessed on November 13, 2024. Keep reading to learn more about his alleged conduct as a broker.

Bar by SEC

On October 15, 2024, the Securities and Exchange Commission initiated a regulatory action against Gustavo Dolfino, alleging that he made material misrepresentations to actual and potential investors in education-tech start-up Student Global, where he served as founder and CEO.

The SEC alleged that Gustavo Dolfino raised approximately $20.6 million from investors by selling membership interests in Student Global between 2016 and 2022. He allegedly made material misrepresentations to investors with regard to his net worth, prior success as an entrepreneur, and his own investment in the company.

More specifically, Gustavo Dolfino allegedly claimed that he invested millions into Student Global, was worth hundreds of millions of dollars himself, and had previously sold a hedge fund and an internet-based pharmaceutical company.

Instead, the SEC alleged that none of these claims were true and that none of Student Global’s investors would receive any returns on their investment following the company’s dissolution in 2023.

The SEC alleged that Gustavo Dolfino willfully violated Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.

Securities Act of 1933

Section 17(a) of the Securities Act of 1933 prohibits the use of deceptive and fraudulent schemes in the securities business. It specifically bans false or misleading statements and the omission of material facts relating to securities.

Securities Exchange Act of 1934

Section 10(b) of the Securities Exchange Act of 1934 forbids the use of manipulative or deceptive devices in relation to the purchase or sale of securities. Rule 10b-5 extends this to include fraudulent schemes, untrue statements and omissions of fact.

Sanctions

Gustavo Dolfino was permanently barred from associating with the following:

• Brokers
• Dealers
• Investment advisers
• Municipal securities dealers
• Municipal advisors
• Transfer agents
• Nationally recognized statistical rating organization (NRSROs)

He was ordered to cease and desist from alleged violations of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.

Gustavo Dolfino was also ordered to pay a fine of $500,000, a disgorgement of $5,110,500, and a penalty of $646,377.

Background Information

Gustavo Dolfino has passed the following exams:

• Series 63 – Uniform Securities Agent State Law Examination
• Series 65 – Uniform Investment Adviser Law Examination
• SIE – Securities Industry Essentials Examination
• Series 79 – Investment Banking Registered Representative Examination
• Series 7 – General Securities Representative Examination
• Series 55 – Limited Representative-Equity Trader Exam
• Series 3 – National Commodity Futures Examination
• Series 53 – Municipal Securities Principal Examination
• Series 10 – General Securities Sales Supervisor – General Module Examination
• Series 9 – General Securities Sales Supervisor – Options Module Examination
• Series 24 – General Securities Principal Examination

He previously worked for the following firms:

• Silver Leaf Partners (CRD#:126694)
• Pointe Capital (CRD#:112097)
• Sterling Financial Investment Group (CRD#:41506)
• UBS International (CRD#:107726)
• UBS PaineWebber (CRD#:8174)
• CIBC Oppenheimer Corporation (CRD#:630)
• Smith Barney (CRD#:7059)
• BDS Securities (CRD#:21751)
• Chatfield Dean & Company (CRD#:14714)
• Dean Witter Reynolds (CRD#:7556)

Kurta Law Can Help

If you worked with Gustavo Dolfino and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.