{"id":702,"date":"2010-06-04T23:21:47","date_gmt":"2010-06-04T23:21:47","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2010\/06\/alleged_800_affinity_fraud_sch_1"},"modified":"2022-03-09T16:00:25","modified_gmt":"2022-03-09T22:00:25","slug":"alleged-800-affinity-fraud-sch-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/alleged-800-affinity-fraud-sch-1\/","title":{"rendered":"Alleged $800,000 Affinity Fraud Scheme Prompts SEC to Sue GTF Enterprises and Its Money Manager"},"content":{"rendered":"

\t\t\t\tU.S. Securities and Exchange Commission has filed a securities fraud lawsuit <\/a>against investment firm GTF Enterprises Inc., money manager Gedrey Thompson, and associates Sezzie Goodluck and Dean Lewis. The SEC claims that GTF and Thompson targeted investors from the African-American and Caribbean communities in Brooklyn, NY. The affinity fraud scam<\/a> bilked at least 20 investors of over $800,000 between 2004 and 2009.<\/p>\n

The SEC claims that Thompson convinced clients to invest the money in GTF in exchange for lucrative investment returns with guaranteed safety of principals and other promises. He then went on to invest a “fraction” of the clients’ funds (losing thousands of dollars in the process), while using hundreds of thousands of their dollars to pay for his own expenses. The affinity fraud scheme cost some investors their life savings.<\/p>\n

Among the multiple misrepresentations that the SEC says Thompson made to investors was the claim to one client that her investment was “150% guaranteed.” He allegedly told another investor that he could make him a millionaire. Thompson and GTF allegedly covered up the securities fraud by generating bogus quarterly account statements for clients. Goodluck and Lewis are accused of helping Thompson with his investment scheme. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

U.S. Securities and Exchange Commission has filed a securities fraud lawsuit against investment firm GTF Enterprises Inc., money manager Gedrey Thompson, and associates Sezzie Goodluck and Dean Lewis. The SEC claims that GTF and Thompson targeted investors from the African-American and Caribbean communities in Brooklyn, NY. The affinity fraud scam bilked at least 20 investors […]<\/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":[3918,3760],"tags":[],"class_list":["post-702","post","type-post","status-publish","format-standard","hentry","category-affinity-fraud","category-sec-enforcement"],"yoast_head":"\nAlleged $800,000 Affinity Fraud Scheme Prompts SEC to Sue GTF Enterprises and Its Money Manager — Investor Lawyers Blog — June 4, 2010<\/title>\n<meta name=\"description\" content=\"U.S. Securities and Exchange Commission has filed a securities fraud lawsuit against investment firm GTF Enterprises Inc., money manager Gedrey Thompson, — June 4, 2010\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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