Tobin Joseph Senefeld of Indianapolis Indiana a former chief executive officer of Pin Financial LLC has been barred by Securities Exchange Commission (SEC) from associating with any broker or investment advisor in any capacity according to an Order Making Findings and Imposing Remedial Sanctions Pursuant to Securities Exchange Act of 1934 Section 15(b). In the Matter of Tobin J. Senefeld Administrative Proceeding File No. 3-18458 (May 25, 2018).
The SEC’s Complaint preceding the Order revealed that between 2013 and 2014, Senefeld engaged in a fraudulent scheme involving the accumulation of millions of dollars from investors in connection with farm loan offerings. Apparently, investors were led to believe that their money was intended to effectuate short-terms loans to farms. However, a substantial amount of investor funds had purportedly been utilized to pay off previous loans that the farms had not repaid. Senefeld was one of several individuals accused of raking in $800,000.00 from investors through the imposition of interest rate spread fees and success fees in connection with using $7,000,000.00 to pay investors in unsuccessful securities offerings. Investors were also reportedly misled about the performance and risks relating to their investments.
The Order noted that Senefeld was fined $50,000.00 and disgorged of $698,818.29 pursuant to a February 6, 2018 final judgment rendered against him. Senefeld further consented to being permanently enjoined from committing violations of Securities Exchange Act of 1934 Section 10(b), SEC Rule 10b-5 and Securities Act of 1933 Section 17(a). Securities and Exchange Commission v. Senefeld, et al., Civil Action No. 1:15-CV-659 (S.D. Ind. Oct. 11, 2017).
FINRA Public Disclosure additionally confirms that Senefeld has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he declined to cooperate in FINRA’s investigation into accusations of Senefeld’s involvement in a Ponzi scheme; conduct violative of FINRA Rules 2010 and 8210. Letter of Acceptance Waiver and Consent No. 2015045728801 (Oct. 11, 2016).
Moreover, Senefeld is subject of sixteen additional regulatory infractions concerning allegations of his sales practice violations in the securities industry. For example, he was ordered by SEC to cease and desist from violating Securities Exchange Act of 1934 Section 10(b), SEC Rule 10b-5 and Securities Act of 1933 Section 17(a), fined $25,000.00 and suspended from associating with a broker dealer for a year based upon Senefeld’s consent to findings that he participated in a free-riding scheme. In the Matter of H.J. Meyers & Co., Inc., et al., Administrative Proceeding File No. 3-9754 (June 30, 1999).
Senefeld’s registration with Pin Financial LLC has been terminated as of June 22, 2016. Pin Financial was also expelled from FINRA membership on June 22, 2016.
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