Investor Lawyers Blog$5.4M Senior Investment Fraud Allegedly Involved Penny Stocks
In US district court, the Securities and Exchange Commission has filed a complaint accusing two people ofsenior investment fraud. According to the regulator, Angela Beckcom Rubbo Monaco and Joseph A. Rubbo of Florida bilked investors through offerings involving three of their companies.
The SEC’s complaint said that the two of them raised at least $5.4M from 11 mostly older investors. The money was supposed to go toward growing their entertainment businesses and help them develop the Spongebuddy, which was a “sponge-like” glove. Instead, claims the agency, Monacco and Rubbo misappropriated over $2.6M in investor money to pay themselves and family members, as well as to buy a car and cover other unrelated expenses. They also allegedly used the funds to pay “undisclosed sales commissions” to Steven J. Dykes, who solicited investors through cold calls.
该委员会指出，在涉嫌高级投资欺诈期间，所有三名被告都没有在监管机构注册。Rubbo和Monaco拥有的公司据说参与其中的是VIP Television Inc.，VIP TV LLC和SpongeBuddy LLC。
现在，监管机构希望施加货币罚款，永久性禁令，并恢复无礼的收益加上利息。同时，科罗拉多州的检察官已针对他们两个，戴克斯和其他据称是财务欺诈的人提起了平行的刑事案件。
这不是摩纳哥和鲁博第一次在监管机构或法律上遇到麻烦。SEC之前已针对他们两个提出禁令。Rubbo以前因其他证券骗局被定罪。bob200体育
Unfortunately, this is also not the first time nor will it be the last that individuals accused of senior investment fraud have gone on to allegedly commit fraud again. At Shepherd Smith Edwards and Kantas LTD LLP, we make it our business to help investors that have suffered losses due to financial fraud and other types of securities fraud.
Elder financial fraud incidents are especially disturbing in that often the targets are vulnerable adults whose source of financial security is taken away because they’ve suffered huge losses. Contact ourbob200体育证券律师事务所today so that we can help you and/or your elderly loved one explore your legal options.
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Investment Adviser Faces Charges That He Bilked Older Investors of $5.2M, November 21, 2017
Ex-Nomura Holdings Manager Gets Prison Time for Insider Trading, Institutional Investor Securities Blog, November 25, 2017