The SEC announced that the US Attorney for the Northern District of Ohio obtained an indictment charging Oscar F. Villarreal with multiple counts of wire fraud and money laundering as well as counts for securities fraud and investment adviser fraud.
Court documents allege that Villarreal conducted a fraudulent securities offering, Fund III, raising over $9 million from nearly 50 victims who were led to believe their money would be invested in various industries in Mexico. Villareal lied about the success of a prior fund and about assets purportedly owned by Fund III.
He used the money to trade in a securities account and stole nearly $6 million for himself. Another $9 million was raised in a second fund, the Standard Asset Management Fund I, (Sam Fund) based on various misrepresentations and lies. Over 80% of the raised funds were lost or stolen.
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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