{"id":7153,"date":"2019-05-30T16:30:44","date_gmt":"2019-05-30T21:30:44","guid":{"rendered":"https:\/\/www.investorlawyers.com\/?p=7153"},"modified":"2019-05-30T16:30:44","modified_gmt":"2019-05-30T21:30:44","slug":"investors-defrauded-in-alleged-1-4m-prime-bank-fraud","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/investors-defrauded-in-alleged-1-4m-prime-bank-fraud\/","title":{"rendered":"Investors Defrauded in Alleged $1.4M Prime Bank Fraud"},"content":{"rendered":"<p>\t\t\t\tThe <a href=\"https:\/\/www.sec.gov\" target=\"_blank\" rel=\"noopener noreferrer\">US Securities and Exchange Commission (SEC)<\/a> has filed fraud charges against David Sims and Mario Procopio accusing them of running a $1.4M <a href=\"https:\/\/www.investorlawyers.com\/?s=prime+bank+fraud\" target=\"_blank\" rel=\"noopener noreferrer\">prime bank scam<\/a> that defrauded 13 investors. ALC Holdings, LLC, Sims Equities, Inc., and El Cether-elyown, which are companies that they control, are also defendants in the investor fraud scam. This is not the first time that the SEC has charged Sims in relation to alleged fraud.<\/p>\n<p>The regulator contends that the two men mostly found their investors through referrals given to them by associates and friends. Between 4\/2014 and 5\/2017, Sims and Procopio allegedly told those whom they solicited, usually by phone, that their investments would go into \u201cprime bank\u201d financial instruments that would make returns of 1200-40,000% percent.<\/p>\n<p>Procopio and Sims falsely touted \u201cspecial access\u201d to trading platforms that they claimed also were used by rich investors, corporations, and governments to purchase huge amounts of currency, usually $500M to $1B, at a reduced rate from different banks. The notes could then supposedly be sold for an up to 30% profit.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/investors-defrauded-in-alleged-1-4m-prime-bank-fraud\/\"  title=\"Continue Reading Investors Defrauded in Alleged $1.4M Prime Bank Fraud\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The US Securities and Exchange Commission (SEC) has filed fraud charges against David Sims and Mario Procopio accusing them of running a $1.4M prime bank scam that defrauded 13 investors. ALC Holdings, LLC, Sims Equities, Inc., and El Cether-elyown, which are companies that they control, are also defendants in the investor fraud scam. This is [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":7096,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3738,3760,3761],"tags":[3425,3426,3427],"class_list":["post-7153","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investor-fraud","category-sec-enforcement","category-securities-and-exchange-commis","tag-david-sims","tag-mario-procopio","tag-prime-bank-fraud"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Investors Defrauded In Prime Bank Fraud &#8212; Investor Lawyers Blog<\/title>\n<meta name=\"description\" content=\"The SEC has filed fraud charges against David Sims and Mario Procopio accusing them of running a $1.4M prime bank scam that defrauded 13 investors.\" \/>\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\/investors-defrauded-in-alleged-1-4m-prime-bank-fraud\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Investors Defrauded In Prime Bank Fraud &#8212; Investor Lawyers Blog\" \/>\n<meta name=\"twitter:description\" content=\"The SEC has filed fraud charges against David Sims and Mario Procopio accusing them of running a $1.4M prime bank scam that defrauded 13 investors.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2019\/05\/mobile-stock-check.jpg\" \/>\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=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Investors Defrauded In Prime Bank Fraud &#8212; Investor Lawyers Blog","description":"The SEC has filed fraud charges against David Sims and Mario Procopio accusing them of running a $1.4M prime bank scam that defrauded 13 investors.","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\/investors-defrauded-in-alleged-1-4m-prime-bank-fraud\/","twitter_card":"summary_large_image","twitter_title":"Investors Defrauded In Prime Bank Fraud &#8212; Investor Lawyers Blog","twitter_description":"The SEC has filed fraud charges against David Sims and Mario Procopio accusing them of running a $1.4M prime bank scam that defrauded 13 investors.","twitter_image":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2019\/05\/mobile-stock-check.jpg","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/investors-defrauded-in-alleged-1-4m-prime-bank-fraud\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/investors-defrauded-in-alleged-1-4m-prime-bank-fraud\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Investors Defrauded in Alleged $1.4M Prime Bank Fraud","datePublished":"2019-05-30T21:30:44+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/investors-defrauded-in-alleged-1-4m-prime-bank-fraud\/"},"wordCount":526,"image":{"@id":"https:\/\/www.investorlawyers.com\/blog\/investors-defrauded-in-alleged-1-4m-prime-bank-fraud\/#primaryimage"},"thumbnailUrl":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2019\/05\/mobile-stock-check.jpg","keywords":["David Sims","Mario Procopio","Prime Bank Fraud"],"articleSection":["Investor Fraud","SEC Enforcement","Securities and Exchange Commission"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/investors-defrauded-in-alleged-1-4m-prime-bank-fraud\/","url":"https:\/\/www.investorlawyers.com\/blog\/investors-defrauded-in-alleged-1-4m-prime-bank-fraud\/","name":"Investors Defrauded In Prime Bank Fraud &#8212; 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