SEC Says Convicted Felon Ran $17M Securities Scam

Law360 (May 3, 2021, 5:46 PM EDT) -- The U.S. Securities and Exchange Commission has accused a convicted felon of duping dozens of investors into purchasing "worthless shares" in a wireless energy project as part of a $17 million fraudulent securities offering scheme, which allegedly netted him about $5.3 million that he used on personal expenses.

In a lawsuit filed in Dallas federal court Friday, the government said Richard Randall defrauded at least 52 investors who thought they were putting their millions into developing a "revolutionary wireless technology for transmitting electricity," but in actuality were lining his pockets. Randall has previously been convicted of making a false statement to...

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