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by Mike Caswell

The U.S. Securities and Exchange Commission has filed civil fraud charges against a Florida man named Moshe Dunoff for his role in an international boiler room scheme that used a fictitious Chicago-area brokerage to defraud residents of 14 countries. The SEC claims that the scheme victimized investors by offering them discounted shares in public companies and through an advance fee fraud. Asian boiler room operators promised victims huge profits, but investors lost everything they sent, the SEC says.

The two stocks that the SEC mentions in the complaint are Atlantic Wind & Solar Inc. of Toronto and Diamond Offshore Drilling Inc. of Houston. The companies are not defendants, and SEC has not accused them of any wrongdoing. According to the SEC, investors sent money to bank accounts that Mr. Dunoff set up for share transactions in those companies and others. The money, however, went partly to Mr. Dunoff, with the remainder going to offshore accounts, the SEC claims. None was used to buy shares for investors.

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