April 2018-Houston, Texas
The Securities and Exchange Commission (SEC) charged the following individuals and their companies with operating a $2.4 million Ponzi scheme targeting elderly retirees:
- Clifton E. Stanley of Galveston, TX
- Michael Watts of Sugar Land, TX
- The Lifepay Group of Missouri, TX
- SMDRE LLC of Sugar Land, TX
According to the SEC complaint, from 2010-2017 they used a collection of misrepresentations and phony promises of outsized investment returns to convince these elderly victims to invest their retirement funds. Investors were promised returns of up to 36% per year.
Stanley is alleged to have used $1.3 million for personal expenses, including country club memberships, living and entertainment expenses.
If you were referred to invest in this scheme by a registered stockbroker you may be able to recover your losses from the broker’s employer. Call for a no charge consultation to learn about your options.
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.
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