Nov 8 (Reuters) - Wall Street’s industry funded regulator has expelled Hudson Valley Capital management and its chief executive officer from the securities industry for defrauding its clearing firm and customers to cover losses from his day trading.
The Financial Industry Regulatory Authority, in an announcement Monday, said that Hudson Valley, a brokerage based in Croton-on-Hudson, New York, and its chief executive officer, Mark Gillis, used one of the firm’s accounts to “improperly day trade” millions of dollars in stock.
Gillis, one of two FINRA-liscensed people to work at Hudson Valley, had other titles at the firm, including chief compliance officer and chief financial officer.
A phone number listed for Hudson Valley was not working on Thursday morning. Gillis could not immediately be reached for comment.