SEC Files Emergency Action and Obtains Asset Freeze Against Miami Investment Advisers for Securities Fraud

The Securities and Exchange Commission, or SEC, has brought legal action against Miami-based investment advisers Jack C. Ridall and Guss Capital, LLC. The SEC claims that Ridall, Guss Capital and their attorneys deceived investors by using fabricated attorney letters and audit reports. The SEC obtained an asset freezing as a result.

According to SEC’s complaint Ridall Capital and Guss Capital falsely presented themselves as successful managers of money and raised about $750,000 by at least four investors. They promised that the money would be invested in a fund, but did not follow through. They sent fake lawyer letters from K&L Gates LLP and fabricated KPMG LLP audit reports claiming Ridall was managing $101 million of assets. According to the SEC complaint, defendants spent more than 75 percent of investor funds on personal expenses including fine dining, luxury cars, and shopping sprees at Miami Beach.

In its complaint, the SEC accuses Ridall and Guss Capital of violating various securities laws. These include the antifraud provisions of both the Securities Act of 1932 and Securities Exchange Act of 1934 as well as Investment Advisers Act of 1980. The SEC seeks an asset freezing, a permanent order, the disgorgement and prejudgment interest of gains ill-gotten, as well as civil money penalties. Shannon A. Ridall is Ridall’s spouse. Sharp is also named as a relief plaintiff and may have to return over $94,000 worth of investor funds.

The SEC investigation is still ongoing, and it is being carried out by a Miami Regional Office team. Russell Koonin and Patricia Lehtinen Silva are leading the litigation under the supervision Jason R. Berkowitz Fernando Torres Glenn S. Gordon. Teresa J. Verges oversees the entire process.

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SEC: What You Need to Know

Securities Exchange Commission (SEC), a US regulatory agency, oversees the securities sector, which includes stock exchanges as well as securities brokers, dealers, investment advisers and mutual funds. The primary objective of the Securities Exchange Commission (SEC) is to protect investors and maintain fair and efficient market conditions, as well as facilitate capital formation. The SEC enforces federal laws on securities, sets regulations and gives guidance to companies and individuals so they comply with rules and regulations that govern the securities industry. The SEC promotes information transparency to investors and ensures they are able to make informed investments.

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