"Hall repeatedly lied to Penson about liens on his additional collateral while obtaining fraudulently over $5.5 million in additional loans and other payments from the firm."
"1. These proceedings relate to approximately $100 million in failed margin loans made by now-defunct Penson Financial Services, Inc. (“PFSI”)—which was once the second largest clearing broker-dealer in the U.S.—to certain of its customers. PFSI made the bulk of these margin loans between 1999 and 2008 to Christopher J. Hall and his affiliates, including a company named Call Now, Inc. (“Call Now”), who invested in risky, unrated municipal bonds. Hall was the Chairman of Call Now’s board of directors, and in 2006 Call Now became a large shareholder of PFSI’s publicly traded parent company, Penson Worldwide, Inc. (“PWI”)."
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