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SEC Goes After Sellers Of Rothstein's Sham Settlements

Law360, New York (May 22, 2012, 9:01 PM EDT) -- The U.S. Securities and Exchange Commission launched a suit Tuesday in Florida federal court accusing two investment managers of defrauding investors as they raised $157 million to sink into convicted Ponzi schemer Scott Rothstein's settlement scam.

The SEC complaint alleges George Levin and Frank Preve raised the funds from 173 investors by selling unregistered securities based on Rothstein's sham legal settlements, which their investment literature purported to have verified.

"Levin and Preve fueled Rothstein's Ponzi scheme with the false sense of security they gave investors," Eric I. Bustillo, director of the SEC's Miami regional office, said in a statement. "They promised...

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Case Number

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Court

Florida Southern

Nature of Suit

Securities/Commodities

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Date Filed

May 22, 2012

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