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SEC sues Florida men for bilking teachers in $22 million scam

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The U.S. Securities and Exchange Commission sued two Florida men, claiming they defrauded teachers and retirees in a $22 million Ponzi scheme.

August 29, 2011, Bloomberg News -- (Florida) SEC sues Florida men for bilking teachers in $22 million scam.

The U.S. Securities and Exchange Commission (SEC) sued two Florida men August 29, claiming they defrauded teachers and retirees in a $22 million Ponzi scheme by posing as a private-equity fund while enriching themselves.

The two men fraudulently lured more than 100 investors with promises of annual returns of as much as 124 percent, the SEC said in a lawsuit filed in U.S. District Court in Florida. One man attracted clients from his prior job as an insurance broker, persuaded at least one investor to liquidate an annuity, and invested the proceeds in the fund.

The two men paid themselves millions of dollars in fees and sent customers false account statements, according to the SEC.

Link: http://www.bloomberg.com/news/2011-08-29/sec-sues-florida-men-for-bilking-teachers-in-22-million-scam.html

Source: DHS Daily Open Source Infrastructure Report 31 August 2011

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