The Securities and Exchange Commission has closed out an eight-year enforcement effort against Francis Biller, Raymond Dove, and three accomplices. The men ran a boiler room in Colombia that pumped more than $58 million out of United States penny stock investors. Final judgments entered in federal court in Brooklyn order the five men to pay roughly $14.1 million combined.
What happened
On October 8, 2026, the SEC announced final judgments against all five defendants in SEC v. Francis Biller, et al., case number 1:22-cv-01406 in the Eastern District of New York. The complaint was filed on March 14, 2022. It alleged that from at least January 2016 through July 2018, the defendants operated a call center, colloquially known as a boiler room. Through it, they used high pressure sales tactics to sell the stocks of small United States public companies to American investors.
Four of the men settled by consent in early 2025. Ringleader Raymond Dove fought the case and lost. On September 30, 2026, the court entered a final judgment against him by default, ordering $2,923,446 in disgorgement and prejudgment interest plus a $1,655,157 civil penalty.
Key facts in the case
| Defendant | Role | Ordered to pay | Status |
|---|---|---|---|
| Francis Biller | Ringleader | $8,392,982 | Consent judgment; pleaded guilty, awaiting sentencing |
| Raymond Dove | Ringleader | $2,923,446 + $1,655,157 penalty | Default judgment, September 30, 2026 |
| Troy Gran-Brooks | Call center operator | $838,101 | Consent judgment; pleaded guilty, sentenced |
| Justin Plaizier | Call center operator | $134,652 | Consent judgment; pleaded guilty, sentenced |
| Chester Alvarez | Stock salesman | $131,347 | Consent judgment; pleaded guilty, sentenced |
Biller and Dove are Canadian citizens. Gran-Brooks is Canadian, Plaizier is a Dutch citizen who lived in Canada, and Alvarez is a United States citizen. The judgments permanently bar Biller, Dove, Alvarez, Gran-Brooks, and Plaizier from participating in any penny stock offering and enjoin them from future violations of the antifraud provisions of the securities laws.
How the Medellin call center worked
According to the SEC, the men set up call centers in Medellin, Colombia, disguised as investment management firms with invented names, websites, and phone numbers. Biller pitched investors under the alias “Francis Jonson.” Sales staff pushed shares of at least 18 issuers while hiding their true role in promoting those very stocks.
The operation followed a classic pump-and-dump pattern. The defendants created demand with false and misleading statements, and control groups holding large blocks of shares sold into the buying. One example in the complaint involved Oroplata Resources, ticker ORRP. Investors who bought on the defendants’ urging and held saw the stock fall to $0.20 per share and lower through 2017.
The scheme generated more than $58 million in trading proceeds. Relief defendant Shredderz International Corp., an entity controlled by Dove, received millions of dollars in payments from the operation. The court denied the SEC’s default motion against Shredderz for lack of personal jurisdiction, and the agency previously dismissed three other relief defendants.
Red flags that should have been caught
The SEC’s filings describe warning signs that recur in boiler room cases:
- Cold calls from unfamiliar “investment managers”
- Sellers who could not be found in FINRA BrokerCheck
- Pressure to buy immediately before a supposed opportunity closed
- Thinly traded stocks with no filing history on EDGAR
- Promises of outsized returns in companies with no revenue to justify them
Each warning sign was hiding in plain sight. Taken together they formed a pattern that cost American investors their savings.
The parallel criminal case
Prosecutors at the United States Attorney’s Office for the Eastern District of New York filed criminal charges against the same five men. Alvarez, Gran-Brooks, and Plaizier have pleaded guilty and been sentenced. Biller has pleaded guilty and awaits sentencing. Dove’s status in the criminal docket was not addressed in the SEC release.
What affected investors can do now
The SEC may propose a plan to distribute the collected judgment funds to harmed investors, subject to court approval. Those distributions typically take years and rarely return the full amount lost. Investors who bought Oroplata or other promoted stocks during the scheme period should gather their trade confirmations and account statements now.
Recovery options also exist outside the enforcement process. Claims against brokers who recommended these stocks, or against downstream sellers in the chain, can be pursued through arbitration. Deadlines apply, and evidence ages poorly.
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 recovering investment losses. 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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Offices in Florida, New York, Arizona, Texas, and North Carolina. Former Wall Street defense attorneys with 95+ years of combined experience. No recovery, no fee.
