{"id":2661,"date":"2016-11-29T00:00:00","date_gmt":"2016-11-29T05:00:00","guid":{"rendered":"http:\/\/silverlaw.lawblogger.net\/blog\/finra-bars-former-sagepoint-financial-broker-stock-manipulation-illiquid-otc-security\/"},"modified":"2017-07-27T14:09:09","modified_gmt":"2017-07-27T18:09:09","slug":"finra-bars-former-sagepoint-financial-broker-stock-manipulation-illiquid-otc-security","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/finra-bars-former-sagepoint-financial-broker-stock-manipulation-illiquid-otc-security\/","title":{"rendered":"FINRA Bars Former Sagepoint Financial Broker for Stock Manipulation of an Illiquid OTC Security"},"content":{"rendered":"

Silver Law Group is investigating former Sagepoint Financial, Inc. (CRD# 133763)<\/a> broker Gary E. Donovan (CRD# 866235)<\/a> after FINRA permanently barred Donovan for placing limit buy orders for an illiquid OTC security MIXX.<\/p>\n

In May 2016, FINRA permanently barred Donovan after he placed 180 buy orders for Mix 1 Life, Inc. (\u201cMIXX\u201d), an illiquid security traded on the OTC Markets, in 90 customer accounts according to the Acceptance, Waiver & Consent (\u201cAWC\u201d)<\/a> entered into with FINRA.\u00a0 Donovan also placed buy orders in two other accounts owned by himself and his immediate family members, according to the AWC.<\/p>\n

According to the AWC, Donovan made the purchases at a stock promoter\u2019s direction.\u00a0 Donovan, according to the AWC, placed 100 limit orders that were matched in amount and price with recently-placed sell limit orders.\u00a0 Donovan\u2019s limit orders were frequently priced above the market and\/or inside ask price for MIXX, according to the AWC, and the orders had the effect of stabilizing the price of MIXX at around $6.00 per share.<\/p>\n

Continue reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Silver Law Group is investigating former Sagepoint Financial, Inc. (CRD# 133763) broker Gary E. Donovan (CRD# 866235) after FINRA permanently barred Donovan for placing limit buy orders for an illiquid OTC security MIXX. In May 2016, FINRA permanently barred Donovan after he placed 180 buy orders for Mix 1 Life, Inc. (\u201cMIXX\u201d), an illiquid security […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[578],"tags":[],"class_list":["post-2661","post","type-post","status-publish","format-standard","hentry","category-all-releases"],"yoast_head":"\nSagepoint Financial Broker Barred for OTC Security MIXX Manipulation<\/title>\n<meta name=\"description\" content=\"Lost money investing in Mix 1 Life, Inc.(MIXX) at the hands of Gary Donovan and Sagepoint Financial. 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