{"id":1794,"date":"2016-02-17T16:54:46","date_gmt":"2016-02-17T16:54:46","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2016\/02\/securities_fraud_sec_charges_u"},"modified":"2022-03-22T14:32:27","modified_gmt":"2022-03-22T19:32:27","slug":"securities-fraud-sec-charges-u","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/securities-fraud-sec-charges-u\/","title":{"rendered":"Securities Fraud: SEC Charges Unregistered California Man with Fraud, FINRA Bars Two Brokers, Second Scam Lands Man in Jail Again"},"content":{"rendered":"

\t\t\t\tSEC Files Charges in $1.9M Broker Scam<\/strong>
\nA California man is facing Securities and Exchange Commission charges. The regulator is accusing Gregory Ruehle of fraudulently selling purported stock in a medical device company and keeping investors’ money. The unregistered broker purportedly raised about $1.9M from over 100 investors but did not transfer or deliver the securities that they purchased to them. Meantime, Ruehle is said to have used the funds to cover his personal spending and pay off gambling debts.<\/p>\n

According to the SEC, Ruehle began bilking investors in 2012. He allegedly misrepresented to investors in Minnesota and California that he would sell them securities that he owned in ICB International Inc., for which he was a former consultant.<\/p>\n

Instead, said the regulator, Ruehle sold investors more securities than what he owned and he failed to tell them that the securities that belonged to him were not transferrable. Ruehle is accused of generating fake documents that he claimed came from the company and issuing bogus company stock certificates to investors, along with a letter that falsely stated that the stock had been transferred to them.<\/p>\n

The SEC wants permanent injunction, disgorgement, prejudgment interest, and penalties against Ruehle. The unregistered broker is also now the subject of criminal charges in a parallel case that was brought by U.S. Attorney’s Office for the Southern District of California.<\/p>\n

FINRA Bars Two Men for Hedge Fund Fraud<\/strong>
\nIn other broker news, the Financial Industry Regulatory Authority has announced that it is barring brokers Walter F. Grenda and Timothy S. Dembski from the securities industry. The industry bar is for fraud involving the sale of the Prestige Wealth Management Fund, LP, which is a hedge fund.
\n Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

SEC Files Charges in $1.9M Broker Scam A California man is facing Securities and Exchange Commission charges. The regulator is accusing Gregory Ruehle of fraudulently selling purported stock in a medical device company and keeping investors’ money. 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