SEC Announces Emergency Action Against Wall Street Banker

Frank “Perk” Hixon Jr., a New York City based investment banker, was recently named in a Securities and Exchange Commission emergency action for allegedly making $1 million in illicit profits from insider trading.

According to the emergency action, Mr. Hixon used insider information to trade in three public companies: Westway Group, Titanium Metal Corporation and Evercore Partners, his own firm.  He used this information to generate at least $950,000.

Making matters worse, Mr. Hixon used this information to get around his child support obligations.  Mr. Hixon apparently regularly logged into the mother of his child’s on-line brokerage and executed trades within her account based on confidential information he obtained on the job.  The SEC obtained various text messages indicating that he was making these trades in her accounts in lieu of making child support payments.

Mr. Hixon’s legal problems do not end with the SEC action as the U.S. Attorney’s Office for the Southern District of New York also announced criminal charges against Mr. Hixon.

“Hixon Jr. violated the trust of his employer and clients by abusing his special access to nonpublic market-moving information,” said David Woodcock, director of the SEC’s Fort Worth Regional Office.  “Hixon Jr. went to great lengths to hide his wrongdoing and even denied knowing his father or the mother of his child.”

Based on all of the above, a federal judge granted the SEC’s request to freeze the mother’s brokerage firm account because most of the approximately $1.2 million contained the majority of Mr. Hixon’s illegal trading.

The Peiffer Rosca securities attorneys represent numerous investors who lost money due to similar price manipulating scams and have years of experience investigating and litigating cases involving various forms of investor fraud. Peiffer Rosca Abdullah Carr & Kane take most cases on a contingency fee basis, advance the costs and only get paid out of the money they recover for their clients.

Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Rosca, Alan Rosca, Joe Peiffer, or Jason Kane for a free, no obligation evaluation of their recovery options, at 888-998-0520.

Alan Rosca (1225 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.


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