SEC Bars Brooklyn Man Who Acted as Unregistered Investment Adviser
Aug. 22, 2019
File No. 3-19370
August 22, 2019 - The Securities and Exchange Commission today announced settled proceedings instituting an associational bar against Yehuda Belsky, a resident of Brooklyn, New York, who is also known as "Jay Bell" or "Jay Bells."
The SEC's order finds that Belsky, both individually and through Y Trading LLC, a company he operated, acted as an investment adviser by engaging in the business of advising others, for compensation, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities. According to the SEC's order, neither Belsky nor Y Trading LLC was registered with the Commission as an investment adviser during the relevant period.
On June 25, 2019, Belsky pled guilty to securities fraud, among other charges, before the U.S. District Court for the Eastern District of New York, in United States v. Yehuda Belsky, Cr. No. 18-Cr-504 (ARR). As part of his guilty plea in the criminal case, Belsky admitted that between March 2014 and October 2018, he solicited individuals with the intent to obtain their money for the purpose of investing in securities; that he in fact did not intend to use all of this money for that purpose and did not use all the money for that purpose; and that he knew this representation was false at the time.
Pursuant to Section 203(f) of the Investment Advisers Act of 1940, the SEC's order bars Belsky from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization.
The SEC's investigation has been conducted by Ladan F. Stewart, Victor Suthammanont, and Sheldon L. Pollock of the SEC's New York office. The case is being supervised by Lara Shalov Mehraban.