Ex-Brokers Settle With SEC In $22M Belize Airport Ponzi Row
By Reenat Sinay (February 12, 2021, 9:38 PM EST) -- Two former brokers will pay a combined $1.37 million to resolve a U.S. Securities and Exchange Commission suit accusing them of selling unregistered securities to some of the victims of a $22 million Ponzi scheme fronted by a purported airport project in Belize.
Minish "Joe" Hede will fork over disgorgement of over $612,000, prejudgment interest of more than $180,000 and a $65,000 civil penalty, while co-defendant Kevin Graetz will pay upwards of $377,000 in disgorgement, prejudgment interest of over $95,000 and a $40,000 fine, according to separate proposed consent judgments filed in New York federal court Friday.
The ex-brokers were accused...
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