7.14.2009 The SEC brought fraud charges and obtained an asset freeze against Sean Nathan Healy, a Florida resident, for stealing more than $15 million in investor funds. The SEC alleges that Healy stole more than $15 million in investor funds to purchase a multimillion-dollar home, luxury vehicles, and millions of dollars in jewelry and home furnishings. The SEC alleges that Healy promised investors that he would use their money to trade in securities and commodities on their behalf. Despite repeated assurances that his purported trading was earning excellent returns, Healy did not invest any of the money he received and instead made personal purchases as well as Ponzi-like payments to investors he defrauded.
The SEC charged Healy with violating the antifraud provisions of the federal securities laws, and names as relief defendants Healy’s wife and an entity controlled by Healy, Sand Dollar Investing Partners LLC. The CFTC simultaneously filed a related emergency action against Healy and the relief defendants named in the SEC’s enforcement action.
Click http://www.sec.gov/news/press/2009/2009-159.htm to access the SEC press release. Click http://www.cftc.gov/newsroom/enforcementpressreleases/2009/pr5676-09.html to access the CFTC press release.