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Written by 4:46 pm Blog, Current Investigations, Securities Fraud Articles

Nicholas H. Shermeta Barred by the SEC

Nicholas Shermeta (CRD #2414010, Minneapolis, MN) has been permanently barred by the SEC from acting as a broker and investment advisor, or otherwise associating with firms that sell securities or provide investment advice to the public.

According to an SEC press release, Nicholas H. Shermeta sold shares of stock in a private placement, and although Shermeta was a registered representative of a registered broker-dealer at all relevant times, he allegedly did not sell the shares through his registered firm.

Rather, Shermeta and the company allegedly agreed that the company would pay substantial commissions for Shermeta’s sales of its securities to Napa Properties, an unregistered entity of which Shermeta was the sole member.

Upon information and belief, it appears that the investment at issue in the complaint is Dakota Holding Corp., formerly known as MCT Holdings, Inc.

According to FINRA Broker Check, Shermeta has been registered with Northland Securities, Inc. in Minneapolis, MN since 11/2011.

Brokerage firms are required to adequately supervise their agents to ensure they are complying with FINRA rules and they can held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.

 If you suffered losses investing with Nicholas Shermeta, the securities attorneys at The White Law Group may be able to help. For a free consultation, please call (888) 637-5510.

The foregoing information, which is all publicly available on the SEC’s website, is being provided by The White Law Group. For more information, please visit us on the web, www.whitesecuritieslaw.com

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.

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Tags: , , , , , , , , Last modified: November 9, 2016