Steven Dash & Stephen Zipkin—Selling Unregistered Securities

Cleveland stockbroker fraud lawyerSteven G. Dash and Stephen P. Zipkin, of Hallmark Investments, Inc., Allegedly Sold 39,600 Unregistered Shares of Avalanche International Corp. (AVLP) which Hallmark Purportedly Acquired Pursuant to a Consulting Agreement to Approximately 14 Firm Customers

Steven Dash and Stephen Zipkin of Hallmark Investments, Inc. allegedly sold 39,600 unregistered shares of Avalanche International Corp. (AVLP), which Hallmark had purportedly acquired pursuant to a consulting agreement, to approximately fourteen firm customers at fraudulently inflated prices, according to a Complaint from FINRA’s Department of Enforcement currently under review by attorneys Alan Rosca and James Booker.

Peiffer Rosca Wolf securities practice lawyers are investigating Steven Dash and Stephen Zipkin’s alleged sale of unregistered securities transactions.

Investors who believe they may have lost money in activity related to Steven Dash and Stephen Zipkin’s alleged sale of unregistered securities transactions are encouraged to contact attorneys Alan Rosca or James Booker with any useful information or for a free, no obligation discussion about their options.

Hallmark, Dash and Zipkin allegedly implemented the use of an outside brokerage firm, manipulative trading, and making misleading trade confirmations to sell nearly 40,000 shares of stock that the firm owned to 14 customers at fraudulently inflated prices, according to the aforementioned Complaint.

Hallmark, purportedly at Dash’s behest, used a pre-arranged trading scheme to sell said shares to the clients at $3.00 per share while at the time the public offering price for Avalanche shares was merely $2.05 per share wherein Hallmark sold Avalanche shares to other customers at prices as low as 80 cents, the Complaint states.

Hallmark, Dash and Zipkin allegedly never made disclosures to said customers that the shares they were purchasing belonged to Hallmark, and that the firm was charging huge mark-ups on the transactions, the Complaint reports.

What is more, the firm was allegedly selling Avalanche shares to other customers during the same period at quite lower prices, or that the shares could be bought for substantially less on the open market, the Complaint notes. As a result of the foregoing behavior, Hallmark, Dash and Zipkin allegedly violated NASD and FINRA Rules, the Complaint states.

FINRA Expels Hallmark Investments, Inc., Bars CEO Steven Dash and Suspends and Fines Zipkin Suspended for Two Years and Fined over $18,000 in Restitution

FINRA recently announced that it has expelled New York-based Hallmark Investments, Inc. and barred its Chief Executive Officer, Steven G. Dash, in connection with an alleged scheme to sell shares of stock to customers at fraudulently inflated prices, according to the aforementioned Complaint from FINRA’s Department of Enforcement presently being reviewed by attorneys Alan Rosca and James Booker.

FINRA also purportedly suspended Hallmark representative Stephen Zipkin for two years and has allegedly required him to pay more than $18,000 in restitution to affected customers, the Complaint notes.

Securities Lawyers Investigating

The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of alleged investment-related fraud or misconduct and are currently investigating Steven Dash and Stephen Zipkin’s alleged sale of unregistered securities transactions. 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 lost money as a result of Steven Dash and Stephen Zipkin’s alleged sale of unregistered securities transactions may 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 (1214 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.