Demitrios Hallas—Unsuitable Trading in Customer Accounts

California stockbroker fraud attorneyDemitrios Hallas Allegedly Engaged in Reckless Trading of Investment Instruments in the Accounts of Five Customers; Hallas Also Allegedly Misappropriated over $170,000 from One Customer

Demitrios Hallas knowingly or recklessly allegedly made trades in unsuitable investment products in the accounts of five customers and also allegedly misappropriated over $170,000 from one customer, according to an SEC Complaint.

Demitrios Hallas allegedly regularly traded unsuitable investments in his customers’ accounts which ultimately exposed unsophisticated customers with limited or no investing experience and modest incomes, net worth levels, and assets to significant degrees of volatility and risk, the SEC Complaint notes.

Hallas, in under a year, allegedly traded 179 daily leveraged exchange traded funds (ETFs) and exchange traded notes (ETNs) in the customers’ accounts, which went on to  generate commissions and fees of approximately $128,000, the SEC Complaint reports.

Demitrios Hallas Allegedly Accrued Net Losses of $150,000 across179 Trading Positions

Demitrios Hallas allegedly generated commissions and fees of approximately $128,000 and the alleged net loss across all 179 positions was approximately $150,000, according to the aforementioned SEC Complaint.

The SEC’s complaint further alleges that Hallas allegedly misappropriated over $170,000 in funds from a single customer, the Complaint notes.

Hallas, instead of investing the funds on the customer’s behalf, allegedly made deposits of funds into his own personal bank accounts and used them on personal expenses, including large bar and restaurant bills, credit card and student loan payments, and rent, the SEC notes.

It should also be noted that the SEC alleges that ETFs and ETNs are inherently risky, complex and volatile, and only appropriate for sophisticated investors.

The Peiffer Rosca Wolf Securities Lawyers Often Assist Investors

The Peiffer Rosca Wolf securities lawyers assist investors who lose money as a result of unsuitable trading. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they have lost money as a result of unsuitable trading schemes are encouraged to contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or James Booker, for a free no-obligation evaluation of their recovery options, at 888-998-0520 or via e-mail at arosca@prwlegal.com or jbooker@prwlegal.com.

Alan Rosca (1157 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.