15:43:29 EDT Sun 21 Jul 2019
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save

SEC asks judge to fine and permanently ban Masselli

2019-04-17 10:33 ET - Street Wire

Also Street Wire (C-OLG) Carlyle Entertainment Ltd

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

The U.S. Securities and Exchange Commission has asked a judge to impose a permanent ban and $578,573 in financial penalties on Carlyle Entertainment Ltd.'s chairman, Sandy Masselli. (All figures are in U.S. dollars.) The SEC says that he repeatedly lied to investors as he took their money and used it for a car, hotels and other items. The penalties would be by default, as Mr. Masselli has been ignoring the case.

The request from the SEC comes as part of a case in which the regulator accused Mr. Masselli of defrauding investors in Carlyle for years. 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. At one point the SEC claimed that he may have misused millions of dollars in investor money, although it now appears to have scaled that figure back to $199,990.

The SEC's request for sanctions against Mr. Masselli is contained in a motion that the regulator filed on Monday, April 15, in federal court in New Jersey. The motion asks that the judge permanently ban Mr. Masselli from penny stocks and from serving as an officer or director. In seeking the sanctions, the SEC says it is clear that Mr. Masselli intended to defraud investors. "Masselli engaged in a scheme in which he told lies to investors to induce them to send money to accounts he controlled, which he then misappropriated," the motion reads. "Masselli immediately stole the investors' money ... demonstrating that there was never any intention of using their funds for business purposes, as represented."

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2019 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.