In re RONALD HARDY

 
 
 UNITED STATES OF AMERICA 
 Before the 
 SECURITIES AND EXCHANGE COMMISSION 
 
SECURITIES EXCHANGE ACT OF 1934 
Release No. 88650 / April 15, 2020 
 
ADMINISTRATIVE PROCEEDING 
File No. 3-19746 
 
 
 
 
In the Matter of 
 
RONALD HARDY,   
 
Respondent. 
 
 
 
 
ORDER INSTITUTING  
ADMINISTRATIVE PROCEEDINGS 
PURSUANT TO SECTION 15(b) OF THE 
SECURITIES EXCHANGE ACT OF 1934, 
MAKING FINDINGS, AND IMPOSING 
REMEDIAL SANCTIONS 
 
 
 
 
I. 
 
 The Securities and Exchange Commission (“Commission”) deems it appropriate and in the 
public interest that public administrative proceedings be, and hereby are, instituted pursuant to 
Section 15(b) of the Securities Exchange Act of 1934 (“Exchange Act”) against Ronald Hardy 
(“Respondent”).   
 
II. 
 
 In anticipation of the institution of these proceedings, Respondent has submitted an Offer 
of Settlement (the “Offer”) which the Commission has determined to accept.  Solely for the 
purpose of these proceedings and any other proceedings brought by or on behalf of the 
Commission, or to which the Commission is a party, Respondent admits the Commission’s 
jurisdiction over him and the subject matter of these proceedings, and the findings contained in 
paragraph III.2 below, and consents to the entry of this Order Instituting Administrative 
Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934, Making Findings, 
and Imposing Remedial Sanctions (“Order”), as set forth below.   

 
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III. 
 
 On the basis of this Order and Respondent’s Offer, the Commission finds that:  
 
1. From approximately August 2014 to July 2017, Respondent solicited the offer and 
sale of penny stocks to individual investors while acting as an associated person to an unregistered 
broker.  Respondent, 44 years old, is a resident of Port Jefferson, New York. 
 
2. On August 22, 2018, Respondent pled guilty to eight counts of a criminal indictment 
including one count of conspiracy to commit securities fraud in violation of Title 18, United States 
Code, Section 371, and five counts of securities fraud in violation of Title 15 United States Code, 
Sections 78j(b) and 78ff, before the United States District Court for the Eastern District of New 
York, in United States v. Chartier, et al., No. 17-cr-00372-JS-GRB.  On September 17, 2019, a 
judgment in the criminal case was entered against Respondent.  He was sentenced to a prison term 
of 120 months followed by three years of supervised release. 
 
3. In connection with that plea, Respondent admitted that he, in concert with others, 
engaged in a scheme to defraud investors by manipulating the stock price of publicly traded 
companies and then cold-calling and promoting the stock in those same companies to unsuspecting 
investors.  During the course of the scheme, the Respondent sold shares into the market through 
trading accounts that were opened in the names of nominees.    
 
IV. 
 
 In view of the foregoing, the Commission deems it appropriate and in the public interest to 
impose the sanctions agreed to in Respondent Hardy’s Offer. 
 
 Accordingly, it is hereby ORDERED pursuant to Section 15(b)(6) of the Exchange Act, 
that Respondent Hardy be, and hereby is barred from association with any broker, dealer, 
investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally 
recognized statistical rating organization; and 
 
 Pursuant to Section 15(b)(6) of the Exchange Act, Respondent Hardy be, and hereby is 
barred from participating in any offering of a penny stock, including: acting as a promoter, finder, 
consultant, agent or other person who engages in activities with a broker, dealer or issuer for 
purposes of the issuance or trading in any penny stock, or inducing or attempting to induce the 
purchase or sale of any penny stock. 
 
Any reapplication for association by the Respondent will be subject to the applicable laws 
and regulations governing the reentry process, and reentry may be conditioned upon a number of 
factors, including, but not limited to, compliance with the Commission’s order and payment of any 
or all of the following:  (a) any disgorgement or civil penalties ordered by a Court against the 
Respondent in any action brought by the Commission; (b) any disgorgement amounts ordered 
against the Respondent for which the Commission waived payment; (c) any arbitration award 
related to the conduct that served as the basis for the Commission order; (d) any self-regulatory 

 
3 
organization arbitration award to a customer, whether or not related to the conduct that served as 
the basis for the Commission order; and (e) any restitution order by a self-regulatory organization, 
whether or not related to the conduct that served as the basis for the Commission order. 
 
 For the Commission, by its Secretary, pursuant to delegated authority. 
 
 
 
 
Vanessa A. Countryman 
Secretary 
 
 

UNITED STATES OF AMERICA 

 Before the 

 SECURITIES AND EXCHANGE COMMISSION 

 

SECURITIES EXCHANGE ACT OF 1934 

Release No. 88650 / April 15, 2020 

 

ADMINISTRATIVE PROCEEDING 

File No. 3-19746 

 

 

 

 

In the Matter of 

 

RONALD HARDY,   

 

Respondent. 

 

 

 

 

ORDER INSTITUTING  

ADMINISTRATIVE PROCEEDINGS 

PURSUANT TO SECTION 15(b) OF THE 

SECURITIES EXCHANGE ACT OF 1934, 

MAKING FINDINGS, AND IMPOSING 

REMEDIAL SANCTIONS 

 

 

 

 

I. 

 

 The Securities and Exchange Commission (“Commission”) deems it appropriate and in the 

public interest that public administrative proceedings be, and hereby are, instituted pursuant to 

Section 15(b) of the Securities Exchange Act of 1934 (“Exchange Act”) against Ronald Hardy 

(“Respondent”).   

 

II. 

 

 In anticipation of the institution of these proceedings, Respondent has submitted an Offer 

of Settlement (the “Offer”) which the Commission has determined to accept.  Solely for the 

purpose of these proceedings and any other proceedings brought by or on behalf of the 

Commission, or to which the Commission is a party, Respondent admits the Commission’s 

jurisdiction over him and the subject matter of these proceedings, and the findings contained in 

paragraph III.2 below, and consents to the entry of this Order Instituting Administrative 

Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934, Making Findings, 

and Imposing Remedial Sanctions (“Order”), as set forth below.   



 2 

III. 

 

 On the basis of this Order and Respondent’s Offer, the Commission finds that:  

 

1. From approximately August 2014 to July 2017, Respondent solicited the offer and 

sale of penny stocks to individual investors while acting as an associated person to an unregistered 

broker.  Respondent, 44 years old, is a resident of Port Jefferson, New York. 

 

2. On August 22, 2018, Respondent pled guilty to eight counts of a criminal indictment 

including one count of conspiracy to commit securities fraud in violation of Title 18, United States 

Code, Section 371, and five counts of securities fraud in violation of Title 15 United States Code, 

Sections 78j(b) and 78ff, before the United States District Court for the Eastern District of New 

York, in United States v. Chartier, et al., No. 17-cr-00372-JS-GRB.  On September 17, 2019, a 

judgment in the criminal case was entered against Respondent.  He was sentenced to a prison term 

of 120 months followed by three years of supervised release. 

 

3. In connection with that plea, Respondent admitted that he, in concert with others, 

engaged in a scheme to defraud investors by manipulating the stock price of publicly traded 

companies and then cold-calling and promoting the stock in those same companies to unsuspecting 

investors.  During the course of the scheme, the Respondent sold shares into the market through 

trading accounts that were opened in the names of nominees.    

 

IV. 

 

 In view of the foregoing, the Commission deems it appropriate and in the public interest to 

impose the sanctions agreed to in Respondent Hardy’s Offer. 

 

 Accordingly, it is hereby ORDERED pursuant to Section 15(b)(6) of the Exchange Act, 

that Respondent Hardy be, and hereby is barred from association with any broker, dealer, 

investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally 

recognized statistical rating organization; and 

 

 Pursuant to Section 15(b)(6) of the Exchange Act, Respondent Hardy be, and hereby is 

barred from participating in any offering of a penny stock, including: acting as a promoter, finder, 

consultant, agent or other person who engages in activities with a broker, dealer or issuer for 

purposes of the issuance or trading in any penny stock, or inducing or attempting to induce the 

purchase or sale of any penny stock. 

 

Any reapplication for association by the Respondent will be subject to the applicable laws 

and regulations governing the reentry process, and reentry may be conditioned upon a number of 

factors, including, but not limited to, compliance with the Commission’s order and payment of any 

or all of the following:  (a) any disgorgement or civil penalties ordered by a Court against the 

Respondent in any action brought by the Commission; (b) any disgorgement amounts ordered 

against the Respondent for which the Commission waived payment; (c) any arbitration award 

related to the conduct that served as the basis for the Commission order; (d) any self-regulatory 



 3 

organization arbitration award to a customer, whether or not related to the conduct that served as 

the basis for the Commission order; and (e) any restitution order by a self-regulatory organization, 

whether or not related to the conduct that served as the basis for the Commission order. 

 

 For the Commission, by its Secretary, pursuant to delegated authority. 

 

 

 

 

Vanessa A. Countryman 

Secretary