Texas Ponzi Schemer Slapped With $3.8M Penalty In SEC Suit

Law360, Houston (October 17, 2013, 8:14 PM EDT) -- The operator of a $10 million Ponzi scheme involving bogus investments in U.S. Small Business Administration loans was hit with a steep, $3.8 million civil penalty by a Texas federal judge on Wednesday, in a suit brought by the U.S. Securities and Exchange Commission.

U.S. District Judge Gray H. Miller said that although a court-appointed receiver had recovered all but approximately $183,000 in losses sustained by victims of Evolution Capital Advisors LLC, firm principal Damian Omar Valdez’s fraud was so appalling that he should be socked...
To view the full article, register now.




Case Information

Case Title

Securities And Exchange Commission v. Evolution Capital Advisors, LLC et al

Case Number



Texas Southern

Nature of Suit



Judge Gray H Miller

Date Filed

August 10, 2011

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.