Texas Ponzi Schemer Slapped With $3.8M Penalty In SEC Suit

Law360, Houston (October 17, 2013, 8:14 PM ET) -- The operator of a $10 million Ponzi scheme involving bogus investments in U.S. Small Business Administration loans was hit with a steep, $3.8 million civil penalty by a Texas federal judge on Wednesday, in a suit brought by the U.S. Securities and Exchange Commission.

U.S. District Judge Gray H. Miller said that although a court-appointed receiver had recovered all but approximately $183,000 in losses sustained by victims of Evolution Capital Advisors LLC, firm principal Damian Omar Valdez’s fraud was so appalling that he should be socked...
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Case Information

Case Title

Securities And Exchange Commission v. Evolution Capital Advisors, LLC et al

Case Number



Texas Southern

Nature of Suit



Judge Gray H. Miller

Date Filed

August 10, 2011

Government Agencies

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