Bahamas Broker Loses Appeal on $12 Million Short-Swing Profit

Bahamas-based brokerage founder Guy Gentile isn’t entitled to the reversal of a more than $12 million judgment for stock transactions within a short period, the Second Circuit said Tuesday.

Evidence shows that Gentile’s now-defunct firm, MintBroker International Inc., had a pecuniary interest in the shares of the two companies that sued him, the US Court of Appeals for the Second Circuit said in an unsigned, unpublished ruling.

And Gentile produced records of his customers’ ownership of the Avalon Holdings Corp. and New Concept Energy Inc. shares too late in the litigation to successfully argue he and MintBroker mostly didn’t own ...