SEC Says Wis. Sales Agent Ran $2M Ponzi Scam

Law360, Los Angeles (October 11, 2013, 4:56 PM EDT) -- The U.S. Securities and Exchange Commission on Thursday accused a Wisconsin sales agent of orchestrating a $2.1 million Ponzi scheme, offering securities in fabricated portfolios to unaccredited investors.

In a complaint filed in Wisconsin federal court, the SEC claims Michael R. Enea, of Menomonee Falls, Wis., fraudulently sold investments in “credit card portfolios” to 18 investors.

The commission raises allegations that Enea, a longtime sales agent for credit card processors, used his expertise to lure friends and business associates into a multimillion-dollar Ponzi scheme, using newer...
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Case Information

Case Title

United States Securities and Exchange Commission v. Enea


Case Number

2:13-cv-01151

Court

Wisconsin Eastern

Nature of Suit

Securities/Commodities

Judge

Rudolph T Randa

Date Filed

October 10, 2013

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