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Antonio and John Bravata Stopped by SEC from Once Again Defrauding Investors

Antonio M. Bravata, from Ferndale, Michigan, and his father, John Bravata, who is currently in prison, have been prevented from once again defrauding investors across Michigan and the nation. On August 13, the U.S. Securities and Exchange Commission (SEC) charged Antonio Bravata with securities fraud.1

Ironically, Antonia was on house arrest while serving out the last months of a five-year incarceration for securities fraud.

In the current complaint filed in the U.S. District Court Eastern District of Michigan, the SEC alleges that Antonio Bravata offered securities in Primo World Ventures, LLC, also known as Primo. Antonio used the materials created for the now defunct Southfield, Michigan, based BBC Equities as a model to create the offering materials for the new company, Primo. Antonio’s involvement in BBC Equities was what sent him to prison in 2013 for one count of conspiracy to commit wire fraud.

His father, John Bravata’s involvement in the company sent him to prison in 2013 for 20 years for defrauding hundreds of investors of $53 million in a scam which involved real estate purchases through a real estate investment fund he co-owned.2 Similar to BBC Equities, Primo World was slated to use the $1 billion it hoped to garner in investor proceeds to invest in commercial, industrial, retail, multi-family and single-family real estate, vacation properties, vacant parcels and real estate development and construction.

In addition to creating the Primo World offering materials, the SEC complaint alleges that Antonio concealed his role in the company and his criminal record so that investors would not be wary of this new scheme. In addition, he also falsely stated that another individual was in charge of Primo’s daily operations.

The Primo website, which Antonio drafted, provided false information on Primo’s staffing, which was reported as including a team of lawyers, accountants, real estate professionals and analysts. The SEC contends that the team actually consisted of Antonio, his incarcerated father, and a former BBC Equities salesman. The salesman was enlisted to serve as the CEO, in title only, and fund manager of Primo.3

Antonio Bravata did distribute the Primo Private Placement Memorandum (PPM) and offer Primo securities to at least one investor. Fortunately, the SEC’s Division of Enforcement detected this scheme before any Primo securities were sold. Pending court approval, Antonio Bravata has agreed to a judgment that includes a permanent conduct-based injunction prohibiting him from participating in the issuance, purchase, offer, or sale of any securities to the public and a $75,000 penalty.4

Securities Fraud Cases such as this happen all the time. If you have questions about your financial investments or think you have been a victim of a financial scheme, The Law Offices of Peter C. Rageas can help. With over 20 years’ experience, our Michigan based Securities Law Firm is prepared to fight for your investor rights and recover your losses. We are a full-service Securities Law Firm that handles all aspects of Investment Fraud and Securities Fraud matters including broker misconduct, broker negligence, Ponzi Schemes and more. Call today for a case evaluation!
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1 SEC Stops Recidivist’s Fraud Before Investors Are Harmed, SEC Litigation Release No 24559, 8/13/2019
Link: https://www.sec.gov/litigation/litreleases/2019/lr24559.htm

2,3 Ferndale Man Serving Time for Role in Father’s $50 Million Fraud Scheme Launches New Scan, SEC Alleges, Crains Detroit Business, by Anisa Jibrell, 8/14/2019
Link: https://www.crainsdetroit.com/news/ferndale-man-serving-time-role-fathers-50-million-fraud-scheme-launches-new-scam-sec-alleges?utm_source=morning-newsletter-thursday&utm_medium=email&utm_campaign=20190815&utm_content=article13-readmore

4 SEC Complaint: U.S. District Court Eastern District of Michigan v. Antonio M. Bravata
Link: https://www.sec.gov/litigation/complaints/2019/comp24559.pdf