Title: Former attorneys Sentenced in Securities Fraud Scheme
Richard J. Rubin (left) and Thomas J. Craft, Jr., both former attorneys, have received final judgments for a civil lawsuit filed by the Securities and Exchange Commission. The SEC accused Rubin of Craft of taking part in a scheme to fraudulently obtain legal opinion letters to facilitate the sale microcap securities by retail investors. The SEC’s case against Rubin & Craft is now closed with the final judgments.
The SEC complaint states that Rubin, a disbarred lawyer since 1995, committed fraudulent securities law from December 2015 until July 2018. He provided over 128 letters of attorney opinion that allowed the sale of microcap stocks by issuers. Rubin was accused of falsely claiming to be an lawyer and writing letters for Craft to sign. Craft, on his part, falsely claimed to have done substantive work in order to form the opinions expressed in the letters. He signed or allowed the use of Craft’s name on 30 letters. The SEC accused Rubin and Craft of violating securities law.
Rubin and Craft were both charged with criminal offenses by the United States Attorney’s Office of the Southern District of New York. Both pleaded to guilty of one count each of securities fraud. Rubin received 200 hours community service, a year of probation, a forfeiture of $117 068.15, and a $1,000 monetary fine. Craft was sentenced to a four-month home confinement period, a year of probation, monetary forfeiture of $55,000 and 200 hours community service. He also agreed surrender his legal license.
Rubin and Craft agreed to separate final judgements in the SEC case. The judgments permanently bar them from violating the antifraud provisions in the Securities Act and Exchange Act and also impose penny-stock bars.
The SEC has expressed gratitude for the assistance provided by the U.S. Attorney’s Office of the Southern District of New York, and the Office of the SEC’s Inspector General.
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SEC: What You Need to Know
Securities and Exchange Commission, or SEC for short, is an American regulatory agency which oversees and enforces the federal securities laws. It was created in 1934 to safeguard investors, ensure fair and efficient market conditions, and promote capital formation. The SEC is primarily responsible for regulating securities offerings and enforcing the securities laws. It also ensures that investors receive relevant information and monitors financial professionals. The commission works to stop fraud, insider trading, and manipulation in the securities market. SEC promotes confidence and integrity in U.S. financial systems through its enforcement actions and rulemaking.
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