According to an article in yesterday’s (Aug. 30, 2011) In Audit magazine, the Securities and Exchange Commission (SEC)has charged two Florida men with fraud for bilking retirees, many of whom were teachers, out of their life savings. In all, approximately $22 million was taken from over 100 unsuspecting investors in what turned out to be a Ponzi Scheme ala Bernie Madoff on a smaller scale. The SEC news release can be seen here:
The In Audit article can be found here:
One of the men, Daniel Joseph Sebastian, was a registered representative of Invest Financial Corporation, located in Tampa Florida, between late 2003 and early 2004. If any of the investors were clients of the firm, the activity would be considered “selling away” and strictly prohibited under Financial Industry Regulatory Authority (FINRA) rules and guidelines. I you believe you have been a victim of a selling away scheme, please contact our office for a free case evaluation. Thank you.