Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Thursday, July 7, 2011

SEC CHARGES NEW YORK BROKERAGE FIRM AND TWO EXECUTIVES WITH DEFRAUDING INVESTORS IN PRIVATE PLACEMENT

The SEC charged a New York-based brokerage firm, Windham Securities, Inc., and two executives with misappropriating investor funds.  According to the SEC's complaint, Windham Securities, its owner and principal, Joshua Constantin, and former Windham managing director, Brian Solomon, fraudulently induced investors to provide more than $1.25 million to Windham for securities investments and fees by making false claims concerning the intended use of investor funds as well as Windham’s investment expertise and historical returns. Instead of purchasing securities for investors as represented, the defendants misappropriated the investors’ funds and then provided false assurances to investors to cover up their fraud

http://lawprofessors.typepad.com/securities/2011/07/sec-charges-new-york-brokerage-firm-and-two-executives-with-defrauding-investors-in-private-placemen.html

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