SEC Fines Jaime Durando for Allegedly Selling Bonds to Unregistered Brokers
Jaime Durando (CRD #: 1564411), a broker registered with RBC Capital Markets, has been fined by the SEC for allegedly selling new-issue bonds to unregistered brokers, according to his BrokerCheck Record accessed on November 10, 2021.
SEC Allegations
According to the SEC allegations initiated from September 17, 2021, Jaime Durando allegedly allocated and sold new issue bonds by RBC Capital Markets to unregistered brokers known as “flippers.” Between January 2014 and December 2017, he served as the Head of RBC’s syndicate desk.
During the relevant period, RBC’s internal policy for primary offerings required Jaime Durando to allocate bonds according to a “standard methodology” that prioritized customer and dealer orders over orders for flippers absent different instructions from issuers. On more than one occasion, Jaime Durando did not allocate bonds in accordance with the standard methodology. As a result of this conduct, he violated Section 15B(c)(1) of the Exchange Act and Municipal Securities Rulemaking Board (“MSRB”) Rules G-11(k) and G-17.
SEC Sanctions
- Jaime Durando was given a cease-and-desist order from committing or causing any future violations.
- He was also ordered to pay a civil money penalty in the amount of $25,000 to the Securities and Exchange Commission.
Background Information
Jaime Durando has passed the following exams:
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
- Series 53 – Municipal Securities Principal Examination
He is a registered broker in five states.
Other than RBC Capital Markets, Jaime Durando has worked with the following firms:
- Wachovia Capital Markets (CRD#:126292)
- Wachovia Securities (CRD#:19616)
- First Union Securities (CRD#:19616)
- First Union Capital Markets (CRD#:6124)
- First Union Capital Markets (CRD#:19002)
- First Fidelity Brokers (CRD #: 15225)
Kurta Law Can Help
If you have suffered losses after working with Jaime Durando, don’t hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
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