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SEC Prosecutions

SEC Prosecutions

Permanent Injunction and Industry Bar in Investment Adviser Misappropriation Case

SEC v. Sherwin P. Brown, Jamerica Financial, Inc., and Brawta Ventures, LLC

  • 2010

Fraudulent scheme by an investment adviser (Jamerica) and its owner to misappropriate client funds invested in a purported “mutual fund” (Brawta). At least $1.65 million raised from 53 investors, a number of whom were retired or near retirement, approximately $569,950 misappropriated for business expenses and defendant Brown’s personal use.

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