{"id":4813,"date":"2017-11-29T13:02:44","date_gmt":"2017-11-29T19:02:44","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=4722"},"modified":"2022-04-01T12:53:40","modified_gmt":"2022-04-01T17:53:40","slug":"5-4m-elder-investment-fraud-allegedly-involved-penny-stocks","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/5-4m-elder-investment-fraud-allegedly-involved-penny-stocks\/","title":{"rendered":"$5.4M Senior Investment Fraud Allegedly Involved Penny Stocks"},"content":{"rendered":"<p>In US district court, the Securities and Exchange Commission has filed a complaint accusing two people of<a href=\"https:\/\/www.investorlawyers.com\/blog\/\" target=\"_blank\" rel=\"noopener noreferrer\"> senior investment fraud<\/a>. According to the regulator, Angela Beckcom Rubbo Monaco and Joseph A. Rubbo of Florida bilked investors through offerings involving three of their companies.<\/p>\n<p>The SEC\u2019s complaint said that the two of them raised at least $5.4M from 11 mostly older investors. The money was supposed to go toward growing their entertainment businesses and help them develop the Spongebuddy, which was a \u201csponge-like\u201d glove. Instead, claims the agency, Monacco and Rubbo misappropriated over $2.6M in investor money to pay themselves and family members, as well as to buy a car and cover other unrelated expenses. They also allegedly used the funds to pay \u201cundisclosed sales commissions\u201d to Steven J. Dykes, who solicited investors through cold calls.<\/p>\n<p>The Commission stated that during the alleged senior investment fraud, all three defendants were not registered with the regulator. The companies owned by Rubbo and Monaco that are said to have been involved are VIP Television Inc., VIP TV LLC, and The Spongebuddy LLC.<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/5-4m-elder-investment-fraud-allegedly-involved-penny-stocks\/#more-4813\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In US district court, the Securities and Exchange Commission has filed a complaint accusing two people of senior investment fraud. According to the regulator, Angela Beckcom Rubbo Monaco and Joseph A. Rubbo of Florida bilked investors through offerings involving three of their companies. The SEC\u2019s complaint said that the two of them raised at least [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3801,3760,3803],"tags":[2927],"class_list":["post-4813","post","type-post","status-publish","format-standard","hentry","category-sec","category-sec-enforcement","category-senior-investors","tag-penny-stocks"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>$5.4M Senior Investment Fraud Allegedly Involved Penny Stocks | Investor Lawyers<\/title>\n<meta name=\"description\" content=\"In US district court, the Securities and Exchange Commission has filed a complaint accusing two people of senior investment fraud.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/5-4m-elder-investment-fraud-allegedly-involved-penny-stocks\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"$5.4M Senior Investment Fraud Allegedly Involved Penny Stocks | Investor Lawyers\" \/>\n<meta name=\"twitter:description\" content=\"In US district court, the Securities and Exchange Commission has filed a complaint accusing two people of senior investment fraud.\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"$5.4M Senior Investment Fraud Allegedly Involved Penny Stocks | Investor Lawyers","description":"In US district court, the Securities and Exchange Commission has filed a complaint accusing two people of senior investment fraud.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/5-4m-elder-investment-fraud-allegedly-involved-penny-stocks\/","twitter_card":"summary_large_image","twitter_title":"$5.4M Senior Investment Fraud Allegedly Involved Penny Stocks | Investor Lawyers","twitter_description":"In US district court, the Securities and Exchange Commission has filed a complaint accusing two people of senior investment fraud.","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/5-4m-elder-investment-fraud-allegedly-involved-penny-stocks\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/5-4m-elder-investment-fraud-allegedly-involved-penny-stocks\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"$5.4M Senior Investment Fraud Allegedly Involved Penny Stocks","datePublished":"2017-11-29T19:02:44+00:00","dateModified":"2022-04-01T17:53:40+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/5-4m-elder-investment-fraud-allegedly-involved-penny-stocks\/"},"wordCount":427,"keywords":["penny stocks"],"articleSection":["SEC","SEC Enforcement","Senior Investors"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/5-4m-elder-investment-fraud-allegedly-involved-penny-stocks\/","url":"https:\/\/www.investorlawyers.com\/blog\/5-4m-elder-investment-fraud-allegedly-involved-penny-stocks\/","name":"$5.4M Senior Investment Fraud Allegedly Involved Penny Stocks | Investor Lawyers","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2017-11-29T19:02:44+00:00","dateModified":"2022-04-01T17:53:40+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"In US district court, the Securities and Exchange Commission has filed a complaint accusing two people of senior investment fraud.","breadcrumb":{"@id":"https:\/\/www.investorlawyers.com\/blog\/5-4m-elder-investment-fraud-allegedly-involved-penny-stocks\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.investorlawyers.com\/blog\/5-4m-elder-investment-fraud-allegedly-involved-penny-stocks\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.investorlawyers.com\/blog\/5-4m-elder-investment-fraud-allegedly-involved-penny-stocks\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.investorlawyers.com\/blog\/"},{"@type":"ListItem","position":2,"name":"$5.4M Senior Investment Fraud Allegedly Involved Penny Stocks"}]},{"@type":"WebSite","@id":"https:\/\/www.investorlawyers.com\/blog\/#website","url":"https:\/\/www.investorlawyers.com\/blog\/","name":"Investor Lawyers Blog","description":"Published By Investment Fraud Attorneys \u2014 Shepherd Smith Edwards &amp; 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