The Securities and Exchange Commission has obtained final judgments against Francis Biller and four other call-center operators. The group ran a boiler room that pushed small-cap stocks on retail investors and generated more than $58 million in trading proceeds.
What happened
On October 8, 2026, the SEC announced final judgments against Francis Biller, Chester Alvarez, Troy Gran-Brooks, Justin Plaizier, and Raymond Dove. The orders resolve civil claims the agency filed in March 2022 over a call center that operated from at least January 2016 through July 2018.
According to the SEC, the defendants used high-pressure sales tactics to sell shares of numerous small United States-based public companies to American investors. The group promoted stock in at least 18 issuers and generated more than $58 million in trading proceeds.
Regulators said the defendants made false or misleading statements about their own roles in promoting the stocks and about the companies whose shares they touted. Millions of dollars in payments flowed to the defendants and to relief defendants, including Shredderz International Corp., an entity controlled by Dove.
Key facts from the final judgments
The judgments impose permanent penny stock bars on Biller, Alvarez, Gran-Brooks, and Plaizier. They also carry substantial monetary relief:
| Defendant | Disgorgement and interest | Civil penalty | Penny stock bar |
|---|---|---|---|
| Francis Biller | $8,392,982 | None ordered | Yes |
| Troy Gran-Brooks | $838,101 | None ordered | Yes |
| Chester Alvarez | $131,347 | None ordered | Yes |
| Justin Plaizier | $134,652 | None ordered | Yes |
| Raymond Dove | $2,923,446 | $1,655,157 | Yes |
Combined, the orders total more than $14 million in disgorgement, prejudgment interest, and penalties. The court entered Dove’s judgment by default on September 30, 2026, after he failed to defend the case.
Parallel criminal charges from the United States Attorney’s Office for the Eastern District of New York ran alongside the SEC case. Alvarez, Gran-Brooks, and Plaizier have pleaded guilty and been sentenced. Biller has pleaded guilty and awaits sentencing.
The court denied the SEC’s motion for a default judgment against Shredderz International Corp., citing a lack of personal jurisdiction. The litigation is now concluded, and attorneys in the SEC’s Boston Regional Office handled the matter.
The Biller boiler room impact on retail investors
Boiler-room schemes leave damage that outlasts the trades. Investors bought thinly traded shares based on scripted pitches, then watched prices sag once the promoters moved on to the next issuer.
Many microcap stocks promoted through call centers lack the trading volume to exit at anything near the purchase price. The victims here were ordinary households reached by phone, and the judgments now strip the promoters’ gains.
Collecting from barred boiler-room operators, however, is often slow and uncertain. Court-ordered disgorgement depends on what assets remain, which is why regulators urge victims to pursue every available remedy early.
Red flags investors should have caught
- Unsolicited stock calls. A stranger phoning with a can’t-miss microcap tip is the classic boiler-room opening.
- Hidden promoter roles. The callers concealed that they were paid to tout the very shares they were selling.
- Thinly traded companies. Small issuers with minimal volume are prone to manipulation and difficult to exit.
- Pressure to decide immediately. Urgency, scripted answers, and reluctance to send written information all signal trouble.
What investors should do now
Anyone who bought shares through this call center should gather trade confirmations, account statements, and any notes from the calls. Complaints can be filed with the SEC through its investor complaint portal.
Investors should also confirm that anyone offering them securities is registered. BrokerCheck, operated by FINRA, lets the public review a seller’s employment history and disclosure record in minutes.
Frequently asked questions
What was the Francis Biller SEC case about?
The SEC sued Biller and his co-defendants over a call center that used high-pressure tactics to sell microcap stocks, promoting shares of at least 18 issuers and generating more than $58 million in trading proceeds.
How much must the boiler-room defendants pay?
The final judgments order more than $14 million combined in disgorgement, interest, and civil penalties, and impose permanent penny stock bars on all five individual defendants.
What should investors who bought these stocks do?
Save all records, file a complaint with the SEC, and speak with a securities attorney about recovery options before filing deadlines expire.
How to recover your losses
Victims of boiler-room fraud may have paths to recovery beyond the SEC’s judgments. Those include arbitration claims against registered firms that cleared the trades and civil suits against the promoters themselves.
A securities attorney can review account records and identify which claims are realistic. Time limits apply to every avenue, and evidence gets harder to collect as years pass.
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 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.
- Main Phone: 1-888-885-7162
- website for a free consultation
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.
This article is informational and does not constitute legal or investment advice. Readers should consult a qualified professional regarding their specific circumstances.
