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SEC Prosecutions
Massive International Boiler Room Scheme Halted; Over $5.3 Million in Sanctions
SEC v. Stefan H. Benger, SHB Capital, Inc., Jason B. Meyers, International Capital Financial Resources, LLC, Philip T. Powers, Handler, Thayer & Duggan, LLC, Frank I. Reinschreiber, Global Financial Management, LLC, Stephan von Hase, and CTA Worldwide Services, S.A.
- 2016
- $5.3 Million
Beginning in 2007, defendants allegedly violated federal securities laws by running a massive international boiler room scheme that raised at least $44.2 million from 1,400 investors by inducing foreign investors to purchase Regulation S and “pre-IPO” shares of highly speculative microcap companies. Investors located in Europe were cold-called and told that there would be no sales commissions on their purchases whereas, in fact, investors paid commissions exceeding 60 percent of the amount invested.
