On April 25, 2023, the U.S. District Court for the District of Massachusetts issued final judgments against Trends Investments Inc. Leslie Greyling & Brandon Rossetti. The SEC had previously accused these defendants of participating in a fraud scheme involving private offers and sales by two publicly traded penny stocks companies.
According to the SEC complaint filed in June 2022 by Leslie Greyling, and Rossetti on behalf of Trends, they allegedly deceived their investors by falsely declaring that they owned and delivered the shares that were being sold. Greyling and Rossetti were also accused by the SEC of making various false statements to investors in order to keep their money, obtain additional investments, respond to investor concerns and avoid detection. Rossetti was accused of being an unregistered brokerage, soliciting investors and receiving compensation based on Trends transactions. “broker” You can also find out more about “wealth manager.” Clinton Greyling – Leslie Greyling’s father – was also named as a defendant in the SEC’s lawsuit. Roger Bendelac is also accused of participating in the fraudulent scheme by manipulating trades on one of Trends’ securities. Thomas Capellini was accused of aiding and abeting Bendelac with regard to these manipulative trading.
Final judgments were entered on default and imposed injunctions against Trends and Leslie Greyling. They prohibited them from violating Section 17a) of Securities Act of 1932 and Section 10b of Securities Exchange Act of 1934 as well as Rule 10b-5. All three defendants have also been barred from trading penny stocks. Rossetti was also prohibited from acting in the capacity of a non-registered broker. Trends, Leslie Greyling, and their respective companies are ordered to jointly and separately pay disgorgement of $1,774,747 and prejudgment interest of $361 798. Leslie Greyling must pay a $446,458 penalty, and Trends will pay a $2,232.280 penalty. Rossetti will be required to pay $797.750 as disgorgement. $172.676 in prejudgment interests, and $446.458 in penalty.
The court entered a judgement against Clinton Greyling on September 23,2022. Greyling, without admitting to or denying these allegations, consented a permanent order preventing any future violations under Section 17(a), Section 10(b), and Rule 10b-5. The court’s judgment delays the determination of civil penalties, prejudgment interests, and disgorgement until a later time. The litigation in the cases of Bendelac and Capellini is still ongoing.
The case is being handled by the SEC’s Boston Regional Office, under the leadership of David M. Scheffler and Nita Gwiazda.
Recover Investment Losses
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SEC
Securities and Exchange Commission, or SEC for short, is the regulatory agency of the United States. It oversees and enforces securities laws. Its main mission is to protect and promote investors, fair and efficient markets and capital formation. SEC works towards achieving these objectives in a variety of ways, such as regulating and enforcing securities law, promoting transparency, disclosure and investor education, and advocating for investors. The SEC regulates securities trading, including stocks and bonds. It also ensures that investors receive accurate and timely information from companies. It also investigates fraudulent or illegal securities activities and takes legal action. The SEC is crucial in maintaining the integrity of U.S. Financial Markets.
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