The Monetary Trade Regulatory Authority barred a former impartial dealer affiliated with Ameriprise Monetary after he was accused of involvement in an unlawful playing ring in Indiana.
Elias C. Gerodemos, who started his profession with Ameriprise in Crown Level, Indiana, in 2022, refused to supply info and paperwork requested by Finra in its investigation into pending felony felony costs in opposition to him, based on a settlement letter on Thursday. Gerodemos accepted the trade bar with out admitting or denying Finra’s allegations.
Ameriprise discharged Gerodemos in Could for violating the agency’s code of conduct, based on the settlement. Finra initiated its investigation following the agency’s Type U5 termination submitting.
An Ameriprise spokesperson stated Gerodemos was “a former affiliate monetary advisor of an impartial observe who’s not affiliated with the agency.”
“Ameriprise Monetary has zero tolerance for unlawful conduct,” the spokesperson wrote in a press release. “Upon studying of the affiliate advisor’s reported conduct, Ameriprise and the impartial observe moved rapidly to droop and terminate him.”
Gerodemos’ lawyer, Kenneth Yeadon of Hinshaw & Culbertson in Chicago, declined to remark. Gerodemos didn’t reply to a request for remark despatched via social media.
Gerodemos was launched on a $20,000 bond on April 26 and arraigned Could 14, based on court docket information. All 22 defendants, together with Gerodemos, charged within the case pleaded not responsible on Could 14 in federal court docket in Hammond, Indiana, based on court docket information.
In April, federal prosecutors charged Gerodemos and others with working an unlawful playing enterprise, conspiracy to commit cash laundering and transmitting wagering info, based on an indictment filed within the U.S. District Court docket for the Northern District of Indiana.
The indictment named Gerodemos’ uncle, James “Jimmy the Greek” Gerodemos, and Dean “Dean Gem” Gialamas as leaders of the alleged playing operation, which prosecutors known as the Gerodemos Playing Group. The group allegedly operated out of Gino’s Steakhouse in Merrillville and Paragon Restaurant in Hobart and generated hundreds of thousands of {dollars} over a interval of round 5 years, based on the indictment.
The 87-page indictment alleges from January 2021 via April 2026, the operation used web sites, textual content messages and telephone calls to facilitate sports activities bets. Bettors have been allegedly given traces of credit score to put wagers with out placing up money upfront, whereas members of the group used cash from dropping bettors to pay winners.
The group used aliases, a number of financial institution accounts and enterprise entities and funds disguised as reputable enterprise bills or loans to hide its actions. The eating places have been allegedly used to gather playing proceeds, pay successful bettors and switch cash amongst members of the group, based on the indictment.
Members of the group additionally made threats of violence to gather playing money owed, together with allegedly threatening bettors’ kinfolk, based on the indictment.