SEC News
- SEC Charges Chicago-Area Father and Son Conducted Cherry-Picking Scheme at Investment Firm May 16, 2013FOR IMMEDIATE RELEASE2013-90 Washington, D.C., May 16, 2013 — The Securities and Exchange Commission today charged a father and son and their Chicago-area investment advisory firm with defrauding clients through a cherry-picking scheme that garnered them nearly $2 million in illicit profits, which they spent on luxury homes, vehicles, and vacations. Addition […]
- SEC Names Keith F. Higgins as Director of Division of Corporation Finance May 15, 2013FOR IMMEDIATE RELEASE2013-89 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today named Keith F. Higgins as the new director of the agency’s Division of Corporation Finance. Mr. Higgins comes to the SEC from the law firm of Ropes & Gray LLP where he is a partner in its Boston office with 30 years of experience advising public com […]
- SEC Names Lona Nallengara as Chief of Staff May 15, 2013FOR IMMEDIATE RELEASE2013-88 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today announced that Lona Nallengara has been named the agency’s chief of staff. Mr. Nallengara came to the SEC in March 2011 and served as deputy director for legal and regulatory policy in the Division of Corporation Finance until he was appointed in Decemb […]
- SEC Charges China-Based Executives in Scheme to Overstate Revenues and Divert Money for Personal Use May 15, 2013FOR IMMEDIATE RELEASE2013-87 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today charged husband-and-wife executives at a China-based company with engaging in a scheme to overstate the company’s revenues and divert proceeds from a securities offering for their personal use. Additional Materials SEC Complaint The SEC alleges that RIN […]
- SEC, FINRA Issue Investor Alert On Pension or Settlement Income Streams May 9, 2013FOR IMMEDIATE RELEASE2013-86 Washington, D.C., May 9, 2013 — The Securities and Exchange Commission and the Financial Industry Regulatory Authority (FINRA) today issued an investor alert entitled Pension or Settlement Income Streams – What You Need to Know Before Buying or Selling Them. The investor alert informs investors about the risks involved when selli […]
TAG | Ronald R Roaldsen Jr of Wantagh NY
13
SEC Charges 14 in NY-Based Ponzi Scheme
Comments off · Posted by Securities Lawyer in FINRA
Yesterday, June 12, 2012, The Securities and Exchange Commission (SEC) charged 14 sales agents who misled investors and illegally sold securities for a Long Island-based investment firm at the center of a reported $415 million Ponzi scheme.
The SEC alleges that the agents promised falsely that investor returns would be as high as 12 to 14 percent in several weeks when they sold investments offered by Agape World Inc. The Agape securities they sold did not exist, and investors were lured into a Ponzi scheme. The agents allegedly received $52 million in commissions and payments out of investors funds. None of these sales agents were even registered with the SEC to sell securities, nor were they registered with a registered broker or dealer. Agape also was not registered with the SEC.
Over 5,000 investors nationwide were impacted by this scheme that lasted from 2005 to January 2009, when Agape’s president and organizer of the scheme Nicholas J. Cosmo was arrested. He was sentenced to 300 months in prison and ordered to pay more than $179 million in restitution.
On the SEC’s website the following names of the agents involved were listed:
- Brothers Bryan Arias and Hugo A. Arias of Maspeth, N.Y
- Brothers Anthony C. Ciccone of Locust Valley, N.Y. and Salvatore Ciccone of Maspeth, N.Y.
- Brothers Jason A. Keryc of Wantagh, N.Y. and Michael D. Keryc of Baldwin, N.Y.
- Siblings Martin C. Hartmann III of Massapequa, N.Y. and Laura Ann Tordy of Wantagh, N.Y.
- Christopher E. Curran of Amityville, N.Y
- Ryan K. Dunaske of Ronkonkoma, N.Y.
- Michael P. Dunne of Massapequa, N.Y
- Diane Kaylor of Bethpage, N.Y
- Anthony Massaro of Boynton Beach, Fla
- Ronald R. Roaldsen, Jr. of Wantagh, N.Y.
SEC’s complaint charges Bryan and Hugo Arias, Anthony and Salvatore Ciccone, Jason and Michael Keryc, Dunne, Hartmann, Kaylor, Massaro, and Tordy with alleged violations of Section 17(a) of the Securities Act of 1933, and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The complaint charges all 14 defendants with violations of Section 15(a) of the Exchange Act, and Sections 5(a) and 5(c) of the Securities Act.
Agape CEO Cosmo · Agape Ponzi Scheme · Agape Ponzi Scheme lawyer · Agape World Inc · Agape World Inc Ponzi Scheme · Anthony C Ciccone of Locust Valley NY and Salvatore Ciccone of Maspeth NY. · Anthony Massaro of Boynton Beach Fla · broker theft from customers · Bryan Arias and Hugo A Arias of Maspeth NY · Christopher E Curran of Amityville NY · Diane Kaylor of Bethpage NY · failure to supervise brokers · Financial Industry Regulatory Authority · FINRA · finra lawyer · finra securities arbitration lawyer · Ft. Lauderdale Securities Lawyer · high risk investments · illegally sold securities · investment fraud · Jason A Keryc of Wantagh NY and Michael D Keryc of Baldwin NY. · Lars K. Soreide Soreide Law Group · Laura Ann Tordy of Wantagh NY. · Long Island Ponzi Scheme · Martin C Hartmann III of Massapequa NY · Michael P Dunne of Massapequa NY · Nicholas J Cosmo · ponzi scam · Ponzi scheme · Ronald R Roaldsen Jr of Wantagh NY · Ryan K Dunaske of Ronkonkoma NY · SEC · Securities and Exchange Commission · securities fraud lawyer · Stock fraud lawyer · unlicensed brokers
