WAIT A MINUTE MR. POSTMAN. YOU GOT A LETTER FROM THE SEC FOR ME?

 
 
WAIT A MINUTE MR. POSTMAN. YOU GOT A LETTER FROM THE SEC FOR ME?
 
Hermansen Looks to Bring Shady Wall Street
Practices to Main Street, Hackensack
 
HACKENSACK – Rob Hermansen will tell anyone who will listen what his plans are for Bergen County’s finances. But he won’t talk about his own sleazy financial practices with anyone who dares ask.
 
“Rob Hermansen likes to tell tall tales about how the county’s finances have been mismanaged,” said Freeholder Julie O’Brien. “I have to hand it to him. Rob knows a thing or two about mismanaging money.”
 
In 1996 a complaint was filed with the Securities and Exchange Commission seeking $50,000 in damages for “unauthorized and excessive trading.” Rather than defend Hermansen’s actions, his employer at the time opted to hand over $20,000 to settle the case.
 
But that wasn’t the last time Rob Hermansen was caught with his hand in the cookie jar.
 
A second complaint was filed in 2007 accusing Hermansen of “unsuitable investments”, “failure to follow instructions” and “churning”. Churning is a scam whereby a trader will execute numerous low volume trades in an effort to rack up thousands of dollars in fees. That complaint is still pending and Hermansen has since severed his relationship with his employer at the time. Shocking.
 
“Rob Hermansen wants to balance Bergen County’s books?” asked Freeholder Vernon Walton. “After more than $20,000 in fines from the SEC I’m not sure I’d trust the man to balance my checkbook.”
 
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