By Andrei Skvarsky
Hawk Sunshine, the head of investment banking at Metropol, is to step aside from his current role following the brokerage's recent recruitment of Dan Rapoport.
It is understood Sunshine, a 13-year veteran of Russia, will work with fellow Texan Rapoport before transitioning to a new role within the bank.
"Hawk is definitely staying with the group and he will work closely with Dan,'' Tatiana Kazantseva, a Metropol spokesperson, told Emergingmarkets.me. "But it's not clear what his new role will be yet."
Sunshine, who previoulsy worked for Sovlink, DeutscheBank, Rosinter and spent six years with the American Army declined to discuss his future plans when reached by phone.
Rapoport has previously worked with a number of Moscow brokerages, including CenterInvest, BrokerCreditService. and a brief stint at Finam.
The SEC, the US financial watchdog, made findings and imposed sanctions against Rapoport during his stint at CenterInvest.
From about 2003 until at least November 2007, the SEC said Rapoport directly and indirectly solicited investors in the US "to purchase and sell thinly-traded stocks of Russian companies without registering as broker-dealers, as required by Section 15(a) of the Exchange Act, or meeting requirements for an exemption."
The SEC added that Rapoport and a colleague benefited financially from the broker's" unlawfully solicited securities transactions with U.S. investors," which generated almost one million dollars of revenue in 2006 alone.
The ruling said the individuals demonstrated "deliberate or reckless disregard of regulatory requirements." Rapoport and his colleague were ordered to pay penalties of $555,000 each. For further reading, check the SEC edict from July last year… http://www.sec.gov/litigation/admin/2009/34-60413.pdf
Loading ...
