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Boca Raton Boiler Room Targeting Elderly Citizens Shut Down By Securities Regulator

Boca Raton Boiler Room Targeting Elderly Citizens Shut Down By Securities Regulator 150 150 Rex Securities Law

April 9, 2015-Boca Raton, FL

The Securities and Exchange Commission (SEC) announced the filing of fraud charges against the operators of a microcap/boiler room scheme in South Florida. Three of the boiler room brokers concealed from investors the fact that they had previously been barred from the securities industry.

According to the SEC release, investors were defrauded by cold calls from a boiler room operated by three brokers previously barred from acting as brokers or participating in the offering of penny stocks:

  • Dean A. Esposito, Boca Raton, FL
  • Joseph DeVito, Brooklyn, NY
  • Frederick Birks, Orlando, FL

They were hired by Joseph J. Azzata of Boca Raton, FL, CEO of eCareer Holdings, Inc. for the purposes of selling unregistered shares of the company. The money of the victims, some who were aged 85-98 years old, was used to pay exorbitant fees to sales agents and to Azzata’s personal expenses, according to the SEC, who alleges that over $11 million was raised.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

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