Monday, June 22, 2009
On June 17, 2009, a federal district court in Manhattan granted the SEC’s application for an emergency asset freeze against Guillermo David Clamens, FTC Capital Markets, Inc., a registered broker-dealer he controls, (“FTC”), and FTC Emerging Markets, Inc. also d/b/a/ FTC Group, halting Clamens’ attempts to move assets offshore. The Court scheduled a hearing on the matter later in the month.
On May 20, 2009, the Commission filed a civil injunctive action charging Clamens, FTC, Emerging Markets, and Lina Lopez, an FTC employee, with a fraudulent ponzi-like scheme to engage in tens of millions of dollars of unauthorized securities trading in the accounts of two FTC customers. Clamens and Lopez are alleged to have engaged in the unauthorized activity in part to conceal their prior fraudulent sale of $50 million in non-existent notes to a Venezuelan bank. When the fictitious notes held by the Venezuelan bank purportedly came due in August 2008, Clamens misappropriated $50 million from FTC’s customers to fund the redemption. The complaint further alleges that in order to conceal the unauthorized activity, Clamens and Lopez provided the customers with fake account statements.