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Demitrios Hallas Accused By SEC Of Selling Unsuitable Investments

The SEC accused former broker Demitrios Hallas with trading leveraged Exchange Traded Funds (ETFs) and Exchange Traded Notes (ETNs) in clients' accounts and swindling $170,000 from one of his clients. The Commission claims he trade one hundred seventy-nine daily leveraged ETFs and ETNs in client accounts from September 2014 to October 2015, creating $128,000 in fees and commissions. At the same time, his clients lost around $150,000. It also states that he used the swindled cash to pay for rent, restaurant tabs, credit card bills, and student loan payments. The complaint alleges that Hallas systematically disregarded his client's objectives and continued to trade in high risk investments that were not consistent with their goals or risk tolerances. The complaint also states that the customers were unsophisticated, having little to no investing experience and modest assets. One such client entrusted Demitrios Hallas with his retirement from working as a baker, taxi driver and garbage truck driver. A second was a retired [...]

By |April 26th, 2017|SEC|
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Dwayne Edwards Accused Of Fraud By SEC

The SEC charged Dwayne Edwards with fraud and obtained an emergency asset freeze against the South Carolina businessman. The SEC alleges that he funneled money he obtained from investors who believed their money would be used for buying and renovating senior housing facilities. According to the commission, Dwayne Edwards illicitly commingled funds from a number of municipal bond offerings and the revenues of the facilities underlying the offerings. Each offering was purported to fund a specific assisted living or memory care facility in Alabama or Georgia. Edwards used investor funds for his own private use in addition to funding other unrelated bond offerings, according to the SEC. The complaint accuses Edwards of violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934. The complaint was filed in Newark, New Jersey federal district court. The court granted the SEC's request to freeze the assets of Edwards. The court also appointed a temporary receiver over the [...]

By |February 1st, 2017|Fraud, Legal Matters, Press Releases & News, SEC|
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SEC Charges Edward Durante With Securities Fraud

The SEC charged Edward Durante, a recidivist securities law violator, with operating a multi-year offering fraud that targeted investors in New England, Ohio, and California. The SEC’s complaint alleges that between 2012 and 2014, Durante defrauded at least 50 relatively unsophisticated investors of at least $11 million through the sale of securities of VGTel, Inc., a shell company he controlled. According to the SEC’s complaint filed in federal district court in Manhattan, Durante defrauded investors by selling approximately six million shares of VGTel stock to investors using a fictitious name to hide his criminal past and lying to investors regarding the use of stock sale proceeds. Durante also bribed investment advisers, who advised their clients to purchase VGTel stock without disclosing to their clients that they had been bribed. Durante also engaged in matched trading of VGTel stock with a stockbroker to artificially control the stock’s market price. The SEC’s complaint charges Durante with violating Sections 17(a) of the Securities Act [...]

By |January 14th, 2016|Fraud, Press Releases & News, SEC|
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Gold Mining Ponzi Scheme Targets Latinos in Florida

On July 2, 2015, the SEC froze a fraudulent venture headed by DFRF Enterprises, its leader, and six promoters. The SEC alleges that DFRF Enterprises operated a Ponzi scheme by promoting and selling membership interests in over 50 Brazilian and African gold mines.  The company recruited investors by promising large profits on fully insured funds used to mine gold.  The company further claimed that 25% of all profits would be used for African charity work. DFRF Enterprises marketed the Ponzi scheme by asserting that the company was registered with the SEC and that  the gold mine stock would be publicly traded. However, instead of using investor funds in Brazilian and African gold mines, the company, its leader, and promotors sold membership interests to investors through private meetings held in homes, businesses, and hotel rooms.  Newly recruited members’ investments were paid to long-term members. In 2014, the company illegally raised over $15 million from at least 1,400 investors, most of which lived in [...]

By |July 6th, 2015|Fraud, Press Releases & News|
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Disclaimer: Mr. Frankowski is licensed in Alabama,Florida and Texas. He is not licensed in any other state including Nevada and California. Mr. Frankowski has represented investors from all over the country in securities cases including: Alabama, California, Colorado, Florida, Georgia, Illinois, Kentucky, Louisiana, Mississippi, Nevada, New Mexico New York, North Carolina, Tennessee, Texas.