- $580,691
Defendant Randy and his nationwide sales network offered and sold over $16 million in bogus certificates of deposit (“CDs”) to over 500 investors from at least September 1990 to December 1992. These CDs, which were not registered with the Commission, were purportedly issued by Canadian Trade Bank, Ltd., in Grenada. In reality, CTB was not a licensed bank, but a corporation controlled by Randy out of his offices in Illinois for the purpose of operating this scheme. In addition to this civil injunctive action, the SEC also brought administrative proceedings against all of these defendants. Criminal charges were also brought (and convictions obtained) against at least some of them.
