SEC v. Lucita A. Zamoras, No. LR-23798, Northern District of Illinois (Apr. 4, 2017) — Press Release
raw: Lucita A. Zamoras
Lucita A. Zamoras, No. LR-23798 (Apr. 4, 2017)
Lucita A
Lucita A. Zamoras, a Niles, Illinois businesswoman, is accused of operating a fraudulent promissory note scheme, misappropriating approximately $727,049 from at least six investors from 2009 to 2013. Zamoras allegedly used the funds to support her gambling habit and pay personal expenses, rather than investing them as promised. She is charged with violating multiple sections of the Securities Act of 1933 and the Securities Exchange Act of 1934. The SEC seeks injunctive relief, disgorgement, prejudgment interest, and a civil penalty against Zamoras.
Lucita A. Zamoras, a Niles, Illinois businesswoman, is accused of operating a fraudulent promissory note scheme, misappropriating approximately $727,049 from at least six investors from 2009 to 2013. Zamoras allegedly used the funds to support her gambling habit and pay personal expenses, rather than investing them as promised. She is charged with violating multiple sections of the Securities Act of 1933 and the Securities Exchange Act of 1934. The SEC seeks injunctive relief, disgorgement, prejudgment interest, and a civil penalty against Zamoras. The U.S. Securities and Exchange Commission charged Lucita A. Zamoras, a Niles, Illinois businesswoman, with operating a fraudulent promissory note scheme that defrauded at least six investors of approximately $727,049 between October 2009 and December 2013. Zamoras, targeting fellow Filipino investors, persuaded them to roll retirement funds into self-directed IRAs to purchase non-existent promissory notes offering 3.5% to 5% annual interest, falsely claiming the funds would be invested. Instead, she misappropriated the money to fund her gambling habit and personal expenses. The SEC’s complaint alleges violations of Sections 17(a)(1) and 17(a)(3) of the Securities Act and Section 10(b) and Rule 10b-5 of the Exchange Act, seeking injunctive relief, disgorgement, prejudgment interest, and civil penalties. The case was filed in the Northern District of Illinois on April 3, 2017. The U.S. Securities and Exchange Commission charged Lucita A. Zamoras, a Niles, Illinois businesswoman, with operating a fraudulent promissory note scheme that defrauded at least six investors of approximately $727,049 between October 2009 and December 2013. Zamoras, targeting fellow Filipino investors, persuaded them to roll over retirement funds into self-directed IRAs to purchase non-existent promissory notes offering 3.5% to 5% annual interest. Instead of investing the funds, she misappropriated the money to finance her gambling habit and personal expenses. The SEC’s complaint alleges violations of Sections 17(a)(1) and 17(a)(3) of the Securities Act and Section 10(b) and Rule 10b-5 of the Exchange Act, seeking injunctive relief, disgorgement, prejudgment interest, and civil penalties.
Exhibits & Attached Documents (1)
Extracted insights
- $727K $727,049 $100K–$1M
- person investor funds
- agency Securities and Exchange Commission
- organization Securities and Exchange Commission
- Securities and Exchange Commission charged Lucita A. Zamoras with operating a fraudulent promissory note scheme
- Lucita A. Zamoras solicited investors for a promissory note program
- Lucita A. Zamoras misappropriated investor funds
- SEC charged Lucita A. Zamoras with operating a fraudulent promissory note scheme
- Lucita A. Zamoras solicited investors for a promissory note program
- Lucita A. Zamoras misappropriated investor funds
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 23798 / April 4, 2017 Securities and Exchange Commission v. Lucita A. Zamoras, No. 17-cv-02528 (N.D. Ill. filed April 3, 2017) SEC Charges Businesswoman with Operating a Fraudulent Promissory Note Scheme The Securities and Exchange Commission today announced fraud charges against a Niles, Illinois businesswoman accused of misappropriating investor funds. The SEC's complaint, filed in federal court in the Northern District of Illinois, alleges that Lucita A. Zamoras solicited investors for a promissory note program and subsequently misappropriated the investors' funds. From at least October 2009 through December 2013, Zamoras engaged in a fraudulent scheme in which she raised approximately $727,049 from at least six investors by encouraging them to transfer their retirement accounts to self-directed individual retirement accounts and purchase promissory notes issued by her. Zamoras, originally from the Philippines, preyed on other Filipino investors by convincing the investors to purchase the notes, which offered them 3.5% to 5% annual interest. The SEC complaint alleges that Zamoras never invested her clients' funds; instead she used the money to support her gambling habit and pay other personal expenses. The SEC's complaint charges Zamoras with violating Sections 17(a)(1) and 17(a)(3) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5(a) and (c) thereunder. The complaint seeks injunctive relief, disgorgement, prejudgment interest and a civil penalty against the Zamoras. The SEC's investigation was conducted by Paul Feindt and Scott Frost. The SEC's litigation will be led by Daniel Wadley and Amy Oliver.
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 23798 / April 4, 2017 Securities and Exchange Commission v. Lucita A. Zamoras, No. 17-cv-02528 (N.D. Ill. filed April 3, 2017) SEC Charges Businesswoman with Operating a Fraudulent Promissory Note Scheme The Securities and Exchange Commission today announced fraud charges against a Niles, Illinois businesswoman accused of misappropriating investor funds. The SEC's complaint, filed in federal court in the Northern District of Illinois, alleges that Lucita A. Zamoras solicited investors for a promissory note program and subsequently misappropriated the investors' funds. From at least October 2009 through December 2013, Zamoras engaged in a fraudulent scheme in which she raised approximately $727,049 from at least six investors by encouraging them to transfer their retirement accounts to self-directed individual retirement accounts and purchase promissory notes issued by her. Zamoras, originally from the Philippines, preyed on other Filipino investors by convincing the investors to purchase the notes, which offered them 3.5% to 5% annual interest. The SEC complaint alleges that Zamoras never invested her clients' funds; instead she used the money to support her gambling habit and pay other personal expenses. The SEC's complaint charges Zamoras with violating Sections 17(a)(1) and 17(a)(3) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5(a) and (c) thereunder. The complaint seeks injunctive relief, disgorgement, prejudgment interest and a civil penalty against the Zamoras. The SEC's investigation was conducted by Paul Feindt and Scott Frost. The SEC's litigation will be led by Daniel Wadley and Amy Oliver.