SEC charges four with fraudulent free-dinner scheme in Florida that targeted the elderly

Posted on April 27th, 2016 at 1:03 PM
SEC charges four with fraudulent free-dinner scheme in Florida that targeted the elderly

From the Desk of Jim Eccleston at Eccleston Law LLC:

A large amount of money raised through “free dinner” investment seminars in Florida was never invested, the SEC alleges. The complaint states that four individuals invited elderly individuals together “to lure potential victims with promises of lofty returns”. Between July 2011 and February 2012, James S. Quay and Donald H. Ellison garnered nearly $1.3 million from investors through Aptus Planning LLC, a firm the two founded in Tampa, Florida.

The two additional men charged, Joseph Andrew Paul and John D. Ellis Jr., allegedly created a fraudulent array or marketing materials, including some with performance numbers that were “cut and pasted” from other firms’ websites. The SEC further claims that Mr. Quay and Mr. Ellison used those materials to mislead the seniors who attended the free dinners. “A large portion of the money was never invested but instead was split among these self-described “investment experts” whose only real expertise was stealing other people’s money,” said Sharon Binger, Director of the SEC’s Philadelphia Regional Office. Mr. Quay, specifically, has been found liable for multiple fraudulent securities schemes dating back to 2005. 

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. 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

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