The Securities and Exchange Commission has accused John David Gessin and two of his companies, Equifunds, Inc. and Ice Fleet LLC, of defrauding and misusing investors’ funds. Gessin raised $1.6 million in retail investments from five investors including an elderly nurse and a veteran. He used an alias. “John David,” To hide his criminal records and bankruptcies. Gessin told investors that the money they invested would be used to invest in fuel but used a substantial portion of their funds for personal expenditures such as mortgages payments, taxes and car, hotel, and gift expenses.
Gessin suddenly stopped repaying investors in March 2020. Gessin claimed that the COVID-19 Pandemic severely affected his company. The SEC investigation found that Gessin received $1.3 million from the Small Business Administration in relief funds. Gessin Equifunds Ice Fleet are accused of violating securities laws. This includes the antifraud provisions of Securities Act and Securities Exchange Act of 1935. The SEC seeks permanent injunctive remedies, disgorgement ill-gotten profits, civil penalties and an officer or director bar against Gessin.
The Office of Investor Education and Advocacy of SEC encourages investors not to trust anyone who sells them investments and to assess their own investment opportunities. The investigation was led by Joseph Zambuto, Jr., under the supervision Amy Friedman, Carolyn Welshhans, and the litigation by Michelle Zamarin, under the direction of James Carlson.
Recover Investment Losses
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SEC: What You Need to Know
Securities and Exchange Commission is the regulatory agency of the United States. It oversees and enforces federal security laws. The Securities and Exchange Commission (SEC) was founded in 1934 as a response to the 1929 stock market crash and subsequent Great Depression. The SEC is primarily concerned with protecting investors, maintaining fair and efficient market conditions, and facilitating capital formation.
The SEC is a powerful agency with a broad range of powers and responsibilities. The SEC requires that companies disclose relevant financial and other information, which ensures transparency and prevents fraudulent activities. To ensure fairness and to prevent insider trade, the commission regulates all aspects of the securities industry including stock exchanges. brokers, and dealers. The commission monitors mutual funds and investment advisors to protect the interests of investors.
The SEC also plays an important role in the enforcement of securities laws, by investigating and prosecuting any violations. It can bring civil enforcement action against individuals or companies who violate securities law, seeking penalties, disgorgement and other remedies. To coordinate its efforts and maintain the integrity of the market, it also works closely together with other regulatory authorities, including state securities regulators and the Department of Justice.
The SEC has a mission to protect investors against fraud and promote fair, transparent markets. It also aims to facilitate capital formation in order to support economic growth. The SEC’s regulatory and enforcement functions aim to protect investors and maintain public trust in the markets.
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