Philadelphia Real-Estate Investor Pleads Guilty to Fraud Charges for his Role in Ponzi Scheme

Posted on June 19th, 2018 at 1:49 PM
Philadelphia Real-Estate Investor Pleads Guilty to Fraud Charges for his Role in Ponzi Scheme

From the Desk of Jim Eccleston at Eccleston Law LLC:

Philadelphia businessman, Carl Frederic Sealey, has pled guilty in connection to fraud charges for orchestrating a $1.6 million Ponzi scheme.

According to the U.S. Attorney’s office in Philadelphia, Sealey, chairman of both Global Standard Industries Inc. and SEK Industries misrepresented to investors that their real-estate or business takeover investments were risk-free with an 8.5 and 10 percent interest rate return. In addition, Sealey claimed that his companies had more than $48 million in managed domestic and international assets, which turned out to be exaggerated.

According to federal prosecutors, Sealy never made any real estate closings or business takeovers through Global Standard Industries or SEK Industries. Instead, Sealey used the majority of the money from investors to support his extravagant lifestyle, including hotel accommodations, restaurants, spa services, retail shopping, and other personal expenditures. Sealey also made “Ponzi-like” payments to earlier investors as purported investment gains.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, Sealy, ponzi scheme

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