Bankruptcy No Sanctuary For Ponzi Schemer, SEC Says

Law360, New York (August 29, 2012, 6:05 PM EDT) -- The now-bankrupt owner of a Pennsylvania financial advisory firm accused of duping investors out of $30 million by funneling their money into a massive Ponzi scheme can't seek sanctuary from the allegations in bankruptcy court, the federal government said Wednesday, asking a district court to reopen the temporarily suspended case.

The U.S. Securities and Exchange Commission said that Sarris Financial Group owner Emmanuel L. Sarris can't use his Chapter 11 filing as a means to protect him from its $30 million civil suit, saying that the...
To view the full article, register now.