The SEC says a pretzel-shop employee defrauded $1 million to buy Tesla, GameStop and Nvidia shares — and made $7,000 for his broker.

• The SEC says a fast-food employee obtained a $200,000 advance loan by making fraudulent deposits.
• Auntie Anne’s employee deposited the entire amount in Tesla, Nvidia, GameStop, AMC and other stocks.
• His broker caught on and liquidated the holdings a day later, making a profit of nearly $7,000.

According to the Securities and Exchange Commission, a fast-food employee defrauded his online broker into giving him a $200,000 advance credit, then wrongfully invested the money in stocks including Tesla, Nvidia, GameStop and AMC Entertainment.

Deonte Jahtori Anthony, 23, was a part-time employee at an Auntie Anne’s in North Carolina last summer. On July 1, he applied for a self-directed brokerage account, claiming he would earn between $25,000 and $50,000 a year, the SEC said in a complaint filed on August 25 and seen by Insider. while he was earning only $400 a month.

Source: Business News