SEC Says Pa. Financial Adviser Ran $30M Ponzi Scheme

Law360, New York (July 30, 2012, 4:12 PM EDT) -- The suburban Philadelphia-based Sarris Financial Group was hit with allegations that it duped investors out of $30 million by funneling their money into a massive Ponzi scheme in a suit filed Friday by the U.S. Securities and Exchange Commission.

In the complaint, filed in federal court in Pennsylvania, the SEC accused the company — owned and run by Emmanuel L. Sarris Sr. — of conning more than 70 people into investing in the "Kenzie Funds,” private funds purportedly invested in foreign currency. The funds actually were...
To view the full article, register now.