In re GARY MANFRE
Gary Manfre, a former Nomura Securities representative, pled guilty to conspiring to commit securities and wire fraud by defrauding Nomura through false representations and wire communications, resulting in a permanent SEC bar from the securities industry.
Gary Manfre, a registered representative at Nomura Securities International from 1998 to 2006, pled guilty in April 2007 to one count of conspiracy to commit securities and wire fraud under 18 U.S.C. § 1349 for orchestrating a scheme to defraud Nomura of money and property using false pretenses and interstate wire communications. The SEC initiated administrative proceedings and, based on his criminal conviction, permanently barred him from association with any broker-dealer under Section 15(b)(6) of the Securities Exchange Act. Although no specific dollar amount of loss was disclosed, the sanctions include conditions for any future reapplication, such as satisfaction of disgorgement, restitution, or arbitration awards tied to his misconduct.
Gary Manfre, a 44-year-old former securities lending representative and registered representative at Nomura Securities International from 1998 to 2006, conspired with others to defraud his employer by executing a scheme involving materially false representations and interstate wire communications to misappropriate Nomura’s money and property. On April 25, 2007, he pled guilty in U.S. District Court for the Eastern District of New York to one count of conspiracy to commit securities and wire fraud under 18 U.S.C. § 1349, admitting to the core allegations of the criminal information. The SEC subsequently instituted administrative proceedings and accepted Manfre’s settlement offer, which included no admission or denial of findings except for the admitted criminal conviction. Based on this conviction, the SEC permanently barred Manfre from association with any broker-dealer under Section 15(b)(6) of the Securities Exchange Act of 1934. Any future application for reentry into the industry is contingent upon satisfying conditions such as disgorgement, restitution, or arbitration awards related to his misconduct. While the exact financial loss to Nomura was not specified in the SEC order, the fraud was described as a deliberate, coordinated scheme exploiting wire communications over several years. The bar is lifetime unless Manfre meets the stringent reentry criteria established by the Commission.
Extracted insights
- scheme_term one count of conspiracy to commit securities fraud and wire fraud
- person respondent manfre
- agency the securities and exchange commission
- The Securities and Exchange Commission Deems It Appropriate Public Administrative Proceedings Be Instituted
- Respondent Submitted Offer Of Settlement
- Respondent Consents To Entry Of Order Instituting Administrative Proceedings
- Manfre Pled Guilty To One Count Of Conspiracy To Commit Securities Fraud And Wire Fraud
- The Count Of The Criminal Information Alleged Manfre Conspired To Execute A Scheme And Artifice To Defraud Nomura Of Money And Property
- The Commission Deems It Appropriate Impose The Sanctions Agreed To In Respondent Manfre’s Offer
- Respondent Manfre Be Barred From Association With Any Broker Or Dealer
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 56474 / September 20, 2007
ADMINISTRATIVE PROCEEDING
File No. 3-12814
In the Matter of
GARY MANFRE,
Respondent.
ORDER INSTITUTING
ADMINISTRATIVE PROCEEDINGS
PURSUANT TO SECTION 15(b) OF THE
SECURITIES EXCHANGE ACT OF 1934,
MAKING FINDINGS, AND IMPOSING
REMEDIAL SANCTIONS
I.
The Securities and Exchange Commission (“Commission”) deems it appropriate and in the
public interest that public administrative proceedings be, and hereby are, instituted pursuant to
Section 15(b) of the Securities Exchange Act of 1934 (“Exchange Act”) against Gary Manfre
(“Manfre” or “Respondent”).
II.
In anticipation of the institution of these proceedings, Respondent has submitted an Offer
of Settlement (the “Offer”) which the Commission has determined to accept. Solely for the
purpose of these proceedings and any other proceedings brought by or on behalf of the
Commission, or to which the Commission is a party, and without admitting or denying the findings
herein, except as to the Commission’s jurisdiction over him and the subject matter of these
proceedings, and the findings contained in Section III.2 below, which are admitted, Respondent
consents to the entry of this Order Instituting Administrative Proceedings Pursuant to Section 15(b)
of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions
(“Order”), as set forth below.
III.
On the basis of this Order and Respondent’s Offer, the Commission finds that:
1. Manfre, age 44, resides in Metuchen, New Jersey. From 1998 to 2006, he was a
securities lending representative and a registered representative associated with Nomura Securities
International, Inc. (“Nomura”), a broker-dealer registered with the Commission.
2. On April 25, 2007, Manfre pled guilty to one count of conspiracy to commit
securities fraud and wire fraud in violation of Title 18 United States Code, Section 1349 before the
United States District Court for the Eastern District of New York, in United States v. Gary Manfre,
Crim. Information No. 07-CR-308.
3. The count of the criminal information to which Manfre pled guilty alleged, inter
alia
, that Manfre, together with others, did knowingly and intentionally conspire to execute a
scheme and artifice to defraud Nomura of money and property and to obtain money and property
from Nomura by means of materially false and fraudulent pretenses, representations and promises
and in executing such scheme and artifice to defraud did so by means of wire communication in
interstate and foreign commerce.
IV.
In view of the foregoing, the Commission deems it appropriate and in the public interest to
impose the sanctions agreed to in Respondent Manfre’s Offer.
Accordingly, it is hereby ORDERED:
Pursuant to Section 15(b)(6) of the Exchange Act, that Respondent Manfre be, and hereby is
barred from association with any broker or dealer.
Any reapplication for association by the Respondent will be subject to the applicable laws
and regulations governing the reentry process, and reentry may be conditioned upon a number of
factors, including, but not limited to, the satisfaction of any or all of the following: (a) any
disgorgement ordered against the Respondent, whether or not the Commission has fully or partially
waived payment of such disgorgement; (b) any arbitration award related to the conduct that served
as the basis for the Commission order; (c) any self-regulatory organization arbitration award to a
customer, whether or not related to the conduct that served as the basis for the Commission order;
and (d) any restitution order by a self-regulatory organization, whether or not related to the conduct
that served as the basis for the Commission order.
For the Commission, by its Secretary, pursuant to delegated authority.
Nancy M. Morris
Secretary
2
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 56474 / September 20, 2007
ADMINISTRATIVE PROCEEDING
File No. 3-12814
In the Matter of
GARY MANFRE,
Respondent.
ORDER INSTITUTING
ADMINISTRATIVE PROCEEDINGS
PURSUANT TO SECTION 15(b) OF THE
SECURITIES EXCHANGE ACT OF 1934,
MAKING FINDINGS, AND IMPOSING
REMEDIAL SANCTIONS
I.
The Securities and Exchange Commission (“Commission”) deems it appropriate and in the
public interest that public administrative proceedings be, and hereby are, instituted pursuant to
Section 15(b) of the Securities Exchange Act of 1934 (“Exchange Act”) against Gary Manfre
(“Manfre” or “Respondent”).
II.
In anticipation of the institution of these proceedings, Respondent has submitted an Offer
of Settlement (the “Offer”) which the Commission has determined to accept. Solely for the
purpose of these proceedings and any other proceedings brought by or on behalf of the
Commission, or to which the Commission is a party, and without admitting or denying the findings
herein, except as to the Commission’s jurisdiction over him and the subject matter of these
proceedings, and the findings contained in Section III.2 below, which are admitted, Respondent
consents to the entry of this Order Instituting Administrative Proceedings Pursuant to Section 15(b)
of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions
(“Order”), as set forth below.
III.
On the basis of this Order and Respondent’s Offer, the Commission finds that:
1. Manfre, age 44, resides in Metuchen, New Jersey. From 1998 to 2006, he was a
securities lending representative and a registered representative associated with Nomura Securities
International, Inc. (“Nomura”), a broker-dealer registered with the Commission.
2. On April 25, 2007, Manfre pled guilty to one count of conspiracy to commit
securities fraud and wire fraud in violation of Title 18 United States Code, Section 1349 before the
United States District Court for the Eastern District of New York, in United States v. Gary Manfre,
Crim. Information No. 07-CR-308.
3. The count of the criminal information to which Manfre pled guilty alleged, inter
alia, that Manfre, together with others, did knowingly and intentionally conspire to execute a
scheme and artifice to defraud Nomura of money and property and to obtain money and property
from Nomura by means of materially false and fraudulent pretenses, representations and promises
and in executing such scheme and artifice to defraud did so by means of wire communication in
interstate and foreign commerce.
IV.
In view of the foregoing, the Commission deems it appropriate and in the public interest to
impose the sanctions agreed to in Respondent Manfre’s Offer.
Accordingly, it is hereby ORDERED:
Pursuant to Section 15(b)(6) of the Exchange Act, that Respondent Manfre be, and hereby is
barred from association with any broker or dealer.
Any reapplication for association by the Respondent will be subject to the applicable laws
and regulations governing the reentry process, and reentry may be conditioned upon a number of
factors, including, but not limited to, the satisfaction of any or all of the following: (a) any
disgorgement ordered against the Respondent, whether or not the Commission has fully or partially
waived payment of such disgorgement; (b) any arbitration award related to the conduct that served
as the basis for the Commission order; (c) any self-regulatory organization arbitration award to a
customer, whether or not related to the conduct that served as the basis for the Commission order;
and (d) any restitution order by a self-regulatory organization, whether or not related to the conduct
that served as the basis for the Commission order.
For the Commission, by its Secretary, pursuant to delegated authority.
Nancy M. Morris
Secretary
2