Robert Philip DePalo, of Greenwich, Connecticut, a former chief executive officer of McBarron Capital, LLC, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that DePalo failed to provide a response to FINRA pursuant to an information request. Letter No. 2015044211102 (Aug. 4, 2016). DePalo reportedly failed to provide recorded testimony before FINRA personnel; conduct FINRA found to be violative of FINRA Rule 8210.
DePalo was previously charged by the Securities and Exchange Commission (SEC) in a Complaint which alleged that he engaged in a scheme to defraud investors when he was chief executive officer of Arjent LLC. Securities and Exchange Commission v. DePalo, Civil Action No. 15-CV-3877 (May 20, 2015). Apparently, investors were induced into purchasing shares of a holding company, Pangaea Trading Partners, based on misrepresentations that DePalo made to them concerning the entity’s value and the purpose of customers’ funds. DePalo reportedly converted $2,300,000.00 worth of investors’ funds for his personal benefit.
Further, DePalo allegedly made misrepresentations to the SEC concerning funds transferred to a director of one of the entities to conceal additional fraud. The Complaint alleged that the books and records provisions as well as antifraud provisions of federal securities laws were violated by Arjent LLC, Pangaea Partners, and another DePalo owned company, Excalibur Asset Management.
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