January 30, 2014-Brevard County, FL
Donald Babb, 58, of Merritt Island, and Ralph Ruth, 61, of Melbourne, were each sentenced to 121 in federal prison after pleading guilty to an $18 million fraud scheme involving their companies Southeast Mutual Insurance and Investment , Capstar Industries and First Merchant Capital.
According to the U.S. Attorney’s office, they advertised risk-free certificates of deposit (CD) but never purchased the CDs. Instead they used the investor’s money to purchase real estate, luxury items and to pay earlier investors.
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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