SEC Charges Tyler L. Andrews With Fraudulent Conduct In Unregistered Security Offering
Denver, CO. The Securities and Exchange Commission filed a lawsuit in Denver against Tyler L. Andrews. Andrews was accused of defrauding investors and making false claims during an unregistered offering. Andrews raised over $1 million for Platinum Travel and Entertainment, LLC, a luxurious travel company owned by Gregory A. Ciccone, whose fraudulent misappropriation of funds led to the loss of all funds. The SEC had previously accused Platinum Travel and Entertainment, LLC, as well as Ciccone of fraud.
According to the complaint, filed in the United States District Court for the District of Colorado on February 28, Andrews provided promissory note to 17 investors. He claimed that the money would be used to book hotel reservations for Platinum’s high-end, luxury travel business. SEC charges Andrews with making several false statements, including misrepresenting Ciccone and his background, failing to disclose Ciccone’s previous fraud convictions, falsely claiming an attorney had performed due diligence on promissory note, and misleading investors regarding the collateral that secured the loans. Andrews also failed to disclose the fact that the travel concierge company was not paying on time the promissory note.
Andrews has been charged by the SEC with violating anti-fraud provisions of Securities Act of 1933 as well as Securities Exchange Act of 1935. Andrews was also accused in the complaint of failing register the securities offering, as required under the Securities Act. Andrews has accepted permanent injunctions and disgorgement with prejudgment, $75,000 civil penalties, and a ban of ten years from being an officer or director without admitting to or denying any of the allegations. The settlement awaits court approval.
Matthew L. Skidmore was the SEC investigator and was overseen by Mary S. Brady. Nicholas P. Heinke and Jason J. Burt were also involved. Leslie J. Hughes, a trial lawyer, provided assistance to Mr. Burt and Mr. Heinke under the supervision Gregory A. Kasper.
Contact:
SEC Public Affairs
Email: publicaffairs@sec.gov
Phone: (XXX) XXX-XXXX
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SEC: What You Need to Know
Securities and Exchange Commission is the regulatory agency that enforces and oversees securities laws in the United States. Its main role is to protect and promote investors, ensure fair and efficient markets and encourage capital formation.
The SEC regulates various participants in this industry including brokers, dealers and investment advisors. The SEC makes sure that these entities act in a fair, transparent and honest manner, in the interest of their investors.
In order to achieve its goals, the SEC enforces security laws by conducting investigation, bringing enforcement action against individuals and businesses that violate these laws and imposing sanctions or penalties when necessary. It also offers guidance to investors and educates them about their rights, and any potential risks that come with investing in stocks.
The SEC also requires that public companies disclose financial and other relevant information to the public. This ensures that investors can make informed decisions about their investments with accurate and timely information. It regulates the trading and issuance of securities to ensure compliance with disclosure and prevent fraudulent activities.
Overall, the SEC has a crucial role to play in maintaining integrity and transparency on the U.S. stock markets, protecting the investors from fraud, and promoting fair capital markets.
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