Action against Defendants, 13 individuals and 10 companies, for alleged unlawful sale of securities to retail investors. According to the SEC, Defendants sold unregistered securities as part of a Ponzi scheme. The SEC also alleges that one Defendant touted the securities without disclosing that he was paid to do so. One Defendant has agreed to pay disgorgement of $2.29 million, prejudgment interest of $315,850, and a civil penalty of $100,000, and to industry and penny-stock bars. Three Defendants have agreed to pay disgorgement, prejudgment interest, and penalties in amounts to be determined at a later date.
Home > Ponzi Schemes, Offering Frauds, and Other Scams > SEC v. Robert S. “Lute” Davis, Jr., et al. (C.D. Cal. Dec. 18, 2018, Contested); SEC v. Jordan E. Goodman (S.D. Fla. Dec. 18, 2018, Settled); SEC v. Alan H. New, et al. (S.D. Ind. Dec. 18, 2018, Settled)