November 18, 2014
The SEC filed a complaint against Albert J. Scipione of Tampa charging him with stealing investor funds and operating a fraudulent day trading scheme called Traders Cafe. Over $500,000 was raised from investors who believed their money was being invested and used for day trading. Scipione and his partner used the money for personal expenses.
“Scipione portrayed Traders Café as a broker-dealer for customers interested in day trading, but it became merely a depository from which he stole investor funds for himself,” said Eric I. Bustillo, Director of the SEC’s Miami Regional Office.
Scipione’s partner Matthew P. Ionno has agreed to settle the case and has been barred from the securities industry.
The US Attorney’s Office for the Middle District of Florida also announced today that Scipione had pleaded guilty in a parallel criminal action.
Rex Securities Law , located in Boca Raton, FL, 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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