SEC Says Texas Man Scammed Retired Cops In $14M Scheme

Law360 (July 30, 2020, 10:09 PM EDT) -- The U.S. Securities and Exchange Commission on Thursday accused a Texas man of defrauding investors, many of them retired San Antonio police officers, out of $14 million in a purported aviation parts leasing scheme.

Victor Lee Farias and his company Integrity Aviation & Leasing LLC allegedly collected investments from about 88 individuals, many of whom drew down their retirement savings accounts to invest in the purported scheme to buy and lease aircraft engines and other assets, the SEC said.

Farias and IAL's salespeople allegedly "focused significant sales efforts on retired San Antonio police officers and other first responders," promising them and...

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