The Securities and Exchange Commission (SEC) has sanctioned Terry M. Deru and Andrew W. Limpert for fraudulent conduct and violations that were allegedly committed through their sale of Nine Mile stock to Belsen Getty clients.
Belsen Getty was an investment advisory firm of which Deru served as managing member and Chief Compliance Officer and Limpert served as member, direct owner and control person. In 2006, Deru and Limpert helped to create Nine Mile Software, of which the two were major shareholders, with Limpert being Chairman of the Board. In order to fund Nine Mile’s start-up, Deru and Limpert sold restricted Nine Mile stock, with the majority being sold to Belsen Getty clients whom the two advised. Belsen Getty also traded Nine Mile stock for investors without notifying them of risks or conflicts and advised investing in additional high-risk investments in which Deru and Limpert had a financial stake.
Additionally, Deru used Belsen Getty to influence the market in Nine Mile’s favor at its initial opening, used client money to finance his personal businesses and interests, and, along with Limpert, did not ensure that proper company policies and procedures were up to date.
As these actions constituted numerous violations of securities rules violations, the SEC issued a cease and desist order against Deru and Belsen Getty. Belsen Getty was also censured and its registration revoked. In addition, the SEC forbade Deru from associating with any broker, dealer, adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization. He was also banned from serving on any advisory board or acting as an adviser for any investment company or participating in any penny stock offerings. Deru was also ordered to pay $93,536.72 in disgorgement.
If you are an investor that has suffered losses investing with Terry Deru, Andrew Limpert, or Belsen Getty, please contact one of our attorneys at 312-332-0000 to discuss your recovery options. Eccleston Law represents individual and institutional investors nationwide to recover their investment losses caused by securities fraud, unsuitable investment recommendations, breach of fiduciary duty, negligence or other misconduct.