Brokerage CEO Carris Barred After Funds Spent on Booze, Cleaners
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George Carris, the former head of defunct brokerage John Carris Investments LLC, was barred from the industry for fraud, regulators said.
Carris and his firm misled people who invested in the brokerage by failing to disclose a capital shortfall and while spending some of the money at liquor stores and dry cleaners, according to the Financial Industry Regulatory Authority, the self-funded regulator for U.S. securities firms. He also manipulated the price of a penny stock, Finra said in announcing the sanction today.