Va. Fines Alleged Investment Predators $37M

Law360, New York (April 6, 2011, 5:45 PM EDT) -- Virginia regulators slapped two men with a $37.4 million fine Wednesday for tricking elderly and other risk-adverse investors into pumping millions of dollars into their various cleaning, insurance and financial services companies.

The Virginia State Corporation Commission accused Julius Everett Johnson and Walter Ray Reinhardt of 3,743 violations of the Virginia Securities Act, imposing the maximum penalty of $10,000 per violation. If Johnson and Reinhardt pay back the $11.35 million they owe investors within a year, the commission will waive the fine, the agency said....
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