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In the financial world of stocks, there is plenty to be leery about. Unfortunately, the elderly are a prime target for scammers. It is also unfortunate that many swindlers are repeat offenders. The SEC is working to “crack down” on individuals who have previously scammed. Here is a brief look at a securities scheme case in Florida that targets elderly investors.

SEC Charges Florida Penny Stock Operators With Defrauding Elderly Investors in Push to Crack Down on Repeat Offenders

The Securities and Exchange Commission today charged two individuals with defrauding elderly investors in a penny stock scheme involving Florida entertainment companies and their “Spongebuddy” product. The charges are part of the Miami Regional Office’s Recidivist Initiative which has thus far resulted in enforcement actions against 23 individuals, nine of whom also have been charged by criminal authorities.
The SEC’s complaint, filed in U.S. District Court for the Southern District of Florida, charges Joseph A. Rubbo and Angela Beckcom Rubbo Monaco, both of Coral Springs, Florida, with defrauding investors through offerings by their companies VIP TV LLC, VIP Television Inc., and The Spongebuddy LLC. Rubbo and Monaco are repeat offenders whose prior securities schemes resulted in criminal convictions against Rubbo and SEC injunctions against both Rubbo and Monaco.
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If you believe you have been a victim of a financial scam, securities fraud or investment fraud, please contact our Michigan securities law firm today. We have helped countless individuals recover from investment losses. Call today for your free case evaluation.