SEC Charges Pennsylvania Man With $30 Million In Fraud
The Securities and Exchange Commission, or SEC, has raised the gauntlet recently against Josh S. Verne. Verne is a Pennsylvanian who was accused of being involved in a fraudulent scam that defrauded over 100 investors of upwards of $30,000,000, including many from the Philadelphia region.
What’s Your Story?
Verne, according to the SEC complaint, played a masterful deception game, fooling his investors and even those closest to him by spinning a web full of lies. According to the SEC complaint, Verne made false claims regarding his past business success, his personal wealth and his authority to pool funds from investors to buy securities. What was the real purpose of these funds, though?
Where Did All the Money Go
Verne, between 2018 and 2020, allegedly solicited investment for his online rent to own venture, Ownable, LLC, as well as its affiliate Ownable Capital Partners I, LLC, along with three limited liability corporations he had created. The alleged purpose of these companies was to pool the funds of investors to invest in Ownable as well as two unrelated start up businesses. Verne is accused of misappropriating at least $9.3million from investors for his own use, according to the complaint. Imagine that funds intended for business expansion were used to pay for private school tuition and interior design of a beach home, charter private jets, repay personal loans, or even make Ponzi-like payments back to previous investors. Can you believe it?
The Legal Aftermath
- Verne was accused of violating Section 17 (a) of Securities Act of 1933 and Section 10 (b) of Securities Exchange Act of 1939, as well as Rule 10b-5 of that Act.
- The SEC wants Verne to pay civil penalties, as well as disgorgement of gains ill-gotten, interest on prejudgment, and permanent injunctive measures.
Who is on the Case?
Under the supervision of Assunta Viola, Scott A. Thompson and Nicholas Grippo, the SEC is currently conducting an investigation led by Jennifer Miller and Jacquelyn K King, both from the Philadelphia Regional Office. Karen M. Klotz, Gregory Bockin will lead the legal battle. Now the question is, will justice be done?
|AD - Recover your investment losses! Haselkorn & Thibaut, P.A. is a national law firm that specializes in fighting ONLY on behalf of investors. With a 95% success rate, let us help you recover your investment losses today. Call now 1-888-784-3315 or visit InvestmentFraudLawyers.com to schedule a free consultation and learn how our experience can help you recover your investment losses. No recovery, no fee.