The Securities and Exchange Commission has closed its civil case against six defendants tied to an overseas boiler room operation that sold fake investments to United States investors. Final judgments entered in the Southern District of New York resolve the claims against Robert Lenard Booth, Michael D’Urso, Daniel T. Wellcome Jr., Alyssa D’Urso, Antonella Chiaramonte, and Jay Garnock.
What happened
The SEC filed its complaint on February 9, 2022, under case number 22-civ-01115 in the Southern District of New York. The litigation release recording the completed judgments was issued on November 2, 2026. According to the complaint, overseas boiler rooms spent 2019 and 2020 selling investments that never existed.
Callers told victims the products traded on United States exchanges. In reality, the money moved through bank accounts opened under fake companies. Daniel T. Wellcome Jr. served as the intermediary between the overseas boiler rooms and Michael D’Urso, according to the regulator.
How the scheme worked
Michael D’Urso brought in his daughter, Alyssa D’Urso, along with Antonella Chiaramonte and Jay Garnock, to act as nominees. The group opened and managed bank accounts for companies created to receive investor money, the complaint alleged.
Once funds landed, D’Urso allegedly skimmed a share for the defendants before wiring the remainder back to the boiler rooms overseas. The SEC charged Booth, Michael D’Urso, and Wellcome with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Exchange Act, along with Rule 10b-5.
Booth also faced broker registration charges under Section 15(a) of the Exchange Act, with D’Urso and Wellcome accused of aiding those violations.
Where each defendant landed
| Defendant | Alleged role | Judgment date | Monetary outcome |
|---|---|---|---|
| Daniel T. Wellcome Jr. | Intermediary between boiler rooms and D’Urso | October 9, 2026 | $267,404 disgorgement plus $6,090.92 interest |
| Michael D’Urso | Allegedly skimmed investor funds | June 5, 2025 | Injunctions; satisfied by criminal restitution |
| Alyssa D’Urso | Nominee account holder | June 5, 2025 | Injunctions; satisfied by criminal restitution |
| Antonella Chiaramonte | Nominee account holder | June 5, 2025 | Injunctions; satisfied by criminal restitution |
| Jay Garnock | Nominee account holder | June 5, 2025 | Injunctions; satisfied by criminal restitution |
| Robert Lenard Booth | Charged as an unregistered broker | Dismissed May 30, 2025 | Charges dropped after his death |
The October 9, 2026 judgment against Wellcome ordered disgorgement of $267,404 plus prejudgment interest of $6,090.92. The court deemed those amounts satisfied by the restitution order entered against him in United States v. Daniel Wellcome, No. 1:22-cr-00196-PKC, the parallel criminal case.
Judgment timeline and the criminal cases
Final judgments against Michael D’Urso, Alyssa D’Urso, Chiaramonte, and Garnock were entered on June 5, 2025. Each accepted permanent injunctions and conduct-based restrictions. Their monetary obligations were deemed satisfied by restitution orders in United States v. Robert Lenard Booth, et al., No. 1:21-cr-00652, the related criminal prosecution in the same district.
The SEC voluntarily dismissed its claims against Booth on May 30, 2025, after he died. Wellcome had accepted a consent judgment on April 1, 2022, that enjoined him from future violations of the charged provisions and imposed a conduct-based injunction.
Red flags investors should recognize
- High-pressure calls from unfamiliar overseas numbers selling products claimed to trade on United States exchanges.
- Bank accounts held in the names of obscure companies rather than a registered brokerage or clearing firm.
- Nominee signatories controlling accounts that receive investor deposits.
- Withdrawal requests that stall once money leaves the country.
Boiler room operations follow a familiar script. They invent a plausible trading story, collect money through intermediaries, and move it offshore before victims ask hard questions. Checking registration records before wiring funds stops most of these schemes before they start.
What affected investors can do now
Victims identified in the criminal cases may already be entitled to restitution. Anyone else who sent money to the scheme should assemble account statements, wire confirmations, and call records now. Those documents support restitution claims and any private action against registered persons who touched the sales chain.
Recovery claims carry filing deadlines. Investors who wait for a distribution notice sometimes discover their arbitration window has already closed.
Haselkorn & Thibaut fights for investor recovery
Haselkorn & Thibaut is a securities law firm founded by former Wall Street defense attorneys who shifted their practice to represent investors. The firm has recovered over $520 million for clients in securities matters and maintains a 98 percent success rate in resolved nontraded REIT cases. Attorneys are AV Preeminent rated through Martindale-Hubbell, designated as Super Lawyers, and hold a 5.0-star client review average. The firm operates on a contingency basis — no recovery, no fee.
Contact Haselkorn & Thibaut today
Time matters in investment fraud recovery cases. The earlier you act, the stronger your position. The firm offers a free case evaluation to assess your losses, review your account history, and explain your options under arbitration or settlement.
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