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SEC Gets $70 Million Judgement Vs. Richmond, VA, Brokerage Firm and CEO

SEC Gets $70 Million Judgement Vs. Richmond, VA, Brokerage Firm and CEO

SEC Gets $70 Million Judgement Vs. Richmond, VA, Brokerage Firm and CEO 150 150 Rex Securities Law

Washington, DC-August 1, 2014

The Securities & Exchange Commission (SEC) announced in a press release that it has obtained a judgment of nearly $70 million in a Tennessee federal court against AIC Inc. , Community Bankers Securities, LLC, and CEO Nicholas D Skaltsounis. 

The complaint alleged that they sold fraudulent promissory notes in AIC to elderly and unsophisticated brokerage customers in several states, misrepresenting the risks, safety and rates of returns of the investments.  Instead of running a profitable company, the perpetrators were actually conducting  a ponzi scheme, using money raised from new investors to pay out to existing investors to create the illusion of a successful business enterprise.

Rex Securities Law provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.  Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

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