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SEC Charges Duo For $20M Penny Stock Fraud

The SEC charged an ex-microcap CEO and a boiler room operator with pressuring senior citizens and other investors to purchase penny stocks in a $20 million fraud. Craig V. Sizer is the former CEO of Sanomedics, which supposedly sold non-contact infrared thermometers, and chairman of software applications company Fun Cool Free, according to the SEC. The Commission alleges that Sizer hired Miguel "Michael" Mesa and gave him a list of pitch points for use by boiler room agents hired by Mesa to assist in attracting and defraud investors in both companies. The statement claims that investors were promised lucrative profits and were falsely told that their cash would be used for research and development and that there would be no sales commissions. “We allege that Sizer and Mesa fraudulently touted Sanomedics and Fun Cool Free stocks as profitable investments, while in fact only Sizer and Mesa and the sales agents were profiting at the expense of [...]

By |September 27th, 2016|Fraud, Press Releases & News, SEC|
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Thomas Conrad Jr. Defrauds Investors 40 Years After Ban

According to the SEC, Thomas Conrad Jr.--an 85 year old man from Alpharetta, Georgia who was barred from the securities industry 45 years ago for fraud--was defrauding investors all over again with the assistance of his 55 year old son, Stuart P. Conrad. The two allegedly defrauded investors in a group of hedge funds they managed that held $10.7 million. According to the SEC's complaint, Conrad ceased payouts to investors for over four years beginning in 2008. He, however, allegedly continued to pay out cash to himself, his son, other relatives, and a few favored investors from the investment fund. Thomas Conrad Jr.'s funds previously ran afoul when one substantial investment was found to be a Ponzi scheme run by another money manager, according to the agency. The fund had to repay $2.3 million of alleged "false profits" that the fund had received from the scheme. At the same time numerous investors were fighting for their [...]

By |July 28th, 2016|Fraud, Press Releases & News, SEC|
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Dez Bryant Sues Former Advisor

NFL star and Dallas Cowboy wide receiver Dez Bryant is suing his former advisor, Royce West. West is currently a Texas state senator. The suit claims that West breached his "professional and fiduciary duty." West filed suit against Bryant last month, seeking financial compensation for damages Bryant allegedly caused to a house he rented. Bryant's counterclaim states that West used Bryant's fame and success to "improperly line his own pockets and those of his business associates." West was formerly Bryant's attorney and advised Bryant on legal, financial, and business matters. Bryant claims that West used this position to suggest his friend David Wells to be Bryant's financial manager. Wells subsequently absconded with more than $200,000 of Bryant's money. West and Wells had created a company called Dez I Enterprises, Inc., through which West allegedly told endorsement companies and others to make payments to Wells. The suit claims Dez Bryant never received much of this money. [...]

By |July 21st, 2016|Fraud, Press Releases & News|
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FINRA Bars Broker Bernard McGee

FINRA barred broker Bernard McGee and ordered him to pay about $250,000 in penalties for fraudulent annuity recommendations he made to an elderly customer. According to FINRA, he surrendered four variable annuity policies owned by the 71 year old customer valued at roughly $500,000 and used the money to purchase a charitable gift annuity from a company that was later discovered to be a fraud. McGee allegedly made material misrepresentations to persuade the client to surrender the variable annuities, which made up approximately fifty percent of her net worth, and buy the charitable gift annuity by misrepresenting to her that she was facing a large tax liability, which the new annuity would offset. McGee also failed to disclose to his client that he would receive a ten percent commission of about $50,000 upon the purchase of the charitable gift annuity from the company 54Freedom, says FINRA. The client incurred about $36,000 in surrender charges. Because of the [...]

By |July 20th, 2016|FINRA, Fraud, Press Releases & News|
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