Articles Tagged with Vandham Securities

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Matthew P. Schulman, a former broker employed with the Woodcliff Lake, New Jersey branch of Vandham Securities Corporation (Vandham), has been barred by the Financial Industry Regulatory Authority (FINRA) based on findings that he engaged in a fraudulent bond trading scheme in which he effected bond trades between his personal brokerage account and his firm’s proprietary trading account at prices that significantly favored him, resulting in illicit profits of approximately $30,000.

Matthew Schulman, of Edgewater, New Jersey, was a bond trader for Vandham and had a duty to act for the firm’s benefit. However, FINRA found that Mr. Schulman effected approximately 23 bond transactions between his personal brokerage account and the firm’s proprietary account in which he caused the firm to sell bonds to his personal account and then, promptly thereafter, had the firm repurchase the same bonds at a higher price. For example, FINRA found that in some instances Mr. Schulman paid approximately 50% less to purchase a bond from the firm’s proprietary account, and in some instances Mr. Schulman charged the firm 500% or more to buy a bond from his personal account. Continue reading →