William Scholander, of New York, New York, a stockbroker formerly associated with Radnor Research & Trading Company LLC, has been barred by the Securities and Exchange Commission (SEC) from acting as an investment adviser, broker or associating with entities which sell securities or offer advice to the investor public based upon an Order Instituting Administrative Proceedings Pursuant to Section 15(b)(4) of the Securities Exchange Act of 1934 as well as Scholander’s Offer of Settlement, which contained findings that Scholander committed securities fraud. In the Matter of William Scholander, File No. 3-17526.
According to the Order, from February of 2008 to November of 2009, Lenco Mobile Inc. investors had been victim to Scholander’s fraud during which time Scholander was associated with at least one of his former broker-dealers. Apparently, Lenco stock had been purchased by Scholander in the accounts of his customers. In return for Scholander’s efforts, Lenco’s principal, Izak Zirk Engelbrecht, paid commissions to Scholander of an undisclosed amount.
Prior to the SEC Order, Scholander pled guilty to wire fraud and conspiracy to commit securities fraud; conduct violative of 18 U.S.C. §§ 1343 and 1349. United States v. William Scholander et al., Crim. Indictment No. 1:15-cr-335 (N.D. Ohio April 20, 2016). Additionally, Scholander was subject of a SEC judgement which enjoined him from committing violations of Securities Exchange Act of 1934 Section 10(b), SEC Rule 10b-5, as well as Securities Act of 1933 Section 17(a). Securities and Exchange Commission v. Jason Cope at al., Civil Action No. 7575 (S.D.N.Y. Aug. 8, 2016). The SEC judgment was based upon allegations that purchases of Lenco stock were effected by Scholander for customers pursuant to a commission arrangement that Scholander concealed from customers.
FINRA Public Disclosure reveals that since March 13, 1999, Scholander has been associated with eleven different broker dealers, nine of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. #cockroach
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