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by Mike Caswell
The U.S. Securities and Exchange Commission says that Sandy Masselli Jr., the chairman of suspended Canadian Securities Exchange listing Carlyle Entertainment Ltd., is ignoring civil charges in which the SEC accuses him of misappropriating investor money. The regulator has served its complaint on Mr. Masselli's lawyer, but nobody has responded to the case. The SEC is asking that the court declare Mr. Masselli to be in default, which would allow it to seek penalties without a trial.
The request from the SEC comes as part of a case that the regulator has been pursuing against Mr. Masselli for four months. The SEC accuses him of defrauding investors for years, using their money for personal expenses. Among other things, he leased a Mercedes with investor money and spent thousands of dollars on restaurants, high-end hair products and cosmetics, the SEC claims.
After filing the case, the SEC served a copy of its complaint on Mr. Masselli through his lawyer. (The lawyer, Marco Gonzalez of Nicoll David & Spinella LLP, had contacted the SEC and agreed to accept service on behalf of Mr. Masselli.) After the SEC served the complaint, Mr. Masselli had until Dec. 10, 2018, to respond. The problem, according to the SEC, is that Mr. Masselli has failed to do so. As a result, the regulator is seeking a declaration that he is in default.
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