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Laurence Allen "devised and orchestrated an aggressive sales campaign to raise $10 million through the sale of securities in NYPPEX Holdings," FINRA says.
Without the restraining order, Ostrager said, “the wind-down of the fund will likely proceed in a manner that furthers Allen’s self-interest to the detriment of the limited partners.”
Allen in effect “merged the companies into a single fraudulent enterprise,” the complaint states. He used his control over the companies to “raid ACP’s accounts, pay himself handsomely, and prop up his other ventures.”