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NY Broker Ripped Off 90 Year Old MN Man
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Post NY Broker Ripped Off 90 Year Old MN Man 
DOW JONES NEWSWIRES


A former New York broker was barred from the securities industry by the Financial Industry Regulatory Authority for allegedly defrauding an elderly man of $511,000.

Finra said Sergio M. Del Toro recommended a 90-year-old Minnesota man invest the money in 3rd Dimension Inc., a speculative, development-stage company. Its securities weren't publicly quoted or traded, and it didn't have publicly available financial information.

According to the regulatory body, Del Toro knew that the company, which was in the business of developing and distributing digital media audio and video technologies for the Internet, had little or no revenue at the time of his recommendation.

Finra also found that Del Toro attempted to cover up his actions by selling the securities to the customer without knowledge of the two brokerage firms with which he was then registered. The customer made an initial $351,000 investment based on Del Toro's promise, in writing, that he would buy the shares back for $400,000 if the customer wasn't satisfied with the investment.

The customer made additional stock purchases, bringing the total investment to $511,000. The Minnesota man died in 2006. His daughter later brought Del Toro's activities to Finra's attention.

Del Toro agreed to a permanent bar from the securities industry without admitting or denying the conduct, but consented to the entry of Finra's findings.

Am I missing something? I keep reading this article and find no mention of the prosecution of this crook or how much time he'll do in jail...

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