The Securities and Exchange Commission (SEC) has filed fraud allegations against Windsor Jones LLC and Anthony Collins. The Securities and Exchange Commission has filed fraud charges against Windsor Jones LLC and its principal, Anthony Collins.
Windsor Jones and Collins along with their sales representatives, according the complaint, deceived elderly investors who were promised investment-grade wines by Collins. The claim was that the wine will be sold for a profit and investors would receive a portion of the proceeds. SEC says that the SEC’s claim was false.
Windsor Jones only used a fraction to store and buy wine. They paid investors minimal amounts and used the money for other purposes. Collins’ personal expenses included shopping at fine watches companies, payments for commissions to sales representatives and credit card payments.
Windsor Jones also failed to disclose markups imposed on wine purchases by investors and upfront commissions paid out to sales representatives, according to the complaint. These hidden fees further exploited investors.
Collins and Windsor Jones are accused of breaking several securities laws in the SEC complaint filed at the Central District of California. The complaint requests injunctive measures, disgorgement and prejudgment-interested profits, civil penalties, as well as a ban of Collins from serving as an officer of director of a publicly traded company.
BeLinda mathie and Pesach glaser have been conducting the SEC’s investigation under Steven Klawans, Regional Office Chicago. Alyssa Quills will lead the litigation. The SEC acknowledges assistance from the Texas State Securities Board and Washington Department of Financial Institutions Securities Bureau.
Recover Investment Losses
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SEC: What You Need to Know
Securities and Exchange Commission, or SEC for short, is an American regulatory agency which oversees and enforces federal security laws. The SEC’s main objective is to safeguard investors, ensure fair and efficient markets and facilitate capital creation. The SEC is responsible for ensuring that all companies and individuals selling securities to the general public are providing accurate and transparent information. It also regulates brokers, securities exchanges, and investment advisers. In addition, the SEC promotes investor education and works to ensure that all market participants are treated equally.
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