Bankruptcy No Sanctuary For Ponzi Schemer, SEC Says

Law360, New York (August 29, 2012, 6:05 PM EDT) -- The now-bankrupt owner of a Pennsylvania financial advisory firm accused of duping investors out of $30 million by funneling their money into a massive Ponzi scheme can't seek sanctuary from the allegations in bankruptcy court, the federal government said Wednesday, asking a district court to reopen the temporarily suspended case.

The U.S. Securities and Exchange Commission said that Sarris Financial Group owner Emmanuel L. Sarris can't use his Chapter 11 filing as a means to protect him from its $30 million civil suit, saying that the...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

SECURITIES AND EXCHANGE COMMISSION v. SARRIS et al


Case Number

2:12-cv-04272

Court

Pennsylvania Eastern

Nature of Suit

Other Statutes: Securities/Commodities

Judge

THOMAS N. ONEILL, JR

Date Filed

July 27, 2012

Government Agencies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.