SEC Wins Summary Judgment In Fraudulent Offerings Case

Defendants raised at least $1.2 million from at least 17 investors through the fraudulent offer and sale of investments in purported gold and silver mines in Mexico, falsely representing, both orally and in written offering materials, that these investments involved a “minimal amount of risk” and would be “very profitable.” Instead, defendant Boros deposited investors’ funds into North American bank accounts where he misappropriated essentially the entire amount for his personal use. Thereafter (and after the SEC filed suit re: the above), Boros raised an additional $1.1 million from another set of investors purportedly to invest in a “high-yield” private placement trading program that would pay off within 30 days, and he misappropriated those funds as well.