Ex-Broker to Repay Clients to Settle Suit
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A former broker for Merrill Lynch & Co. in Newport Beach agreed Tuesday to repay $337,372 he allegedly stole from clients, plus $43,696 in interest and a $337,372 fine, to settle a lawsuit filed by the Securities and Exchange Commission, SEC officials said.
Gregory A. Hinkson, 38, of Irvine did not admit or deny the charges in the civil action, filed in federal court in Santa Ana.
Regulators had accused Hinkson of transferring funds without authorization from clients’ money-market accounts and making unauthorized trades to receive $10,016 in commissions, as well as telling clients who noticed that Merrill had made a mistake and would replace the missing funds.
Hinkson’s attorney, Thomas H. Bienert Jr., couldn’t be reached for comment.
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