SEC v. Anthony Coronati, No. LR-22907, Southern District of New York (Jan. 23, 2014) — Press Release
raw: Anthony Coronati
Anthony Coronati, No. LR-22907 (S.D.N.Y. Jan. 23, 2014)
Anthony Coronati, founder of Bidtoask
Anthony Coronati, founder of Bidtoask.com, is accused of soliciting investments for private companies like Facebook and allegedly commingling investor funds to pay personal expenses. The alleged fraud involved Coronati failing to comply with SEC subpoenas to produce documents and give testimony. Coronati was held in contempt of court and ordered to pay $4,812 to the SEC for costs. He was arrested and released on $50,000 bond. The SEC's investigation is ongoing, with no final charges or outcome determined.
Anthony Coronati, founder of Bidtoask.com, is accused of soliciting investments for private companies like Facebook and allegedly commingling investor funds to pay personal expenses. The alleged fraud involved Coronati failing to comply with SEC subpoenas to produce documents and give testimony. Coronati was held in contempt of court and ordered to pay $4,812 to the SEC for costs. He was arrested and released on $50,000 bond. The SEC's investigation is ongoing, with no final charges or outcome determined. The U.S. Securities and Exchange Commission (SEC) pursued enforcement against Anthony Coronati, founder of Bidtoask.com, for failing to comply with subpoenas related to an investigation into potential securities fraud involving commingled investor funds allegedly used for personal expenses. Despite two subpoenas and a November 2013 court order compelling production of documents and testimony, Coronati repeatedly ignored the directives, leading to a January 17, 2014 civil contempt ruling. The court ordered him to pay $4,812 to cover the SEC’s service costs, arrested him via the U.S. Marshals Service, and set a $50,000 bond with travel restrictions to New York’s Southern and Eastern Districts. Coronati was released pending a further hearing on February 6, 2014, while the SEC’s investigation into his conduct remains ongoing. The U.S. Securities and Exchange Commission (SEC) pursued enforcement against Anthony Coronati, founder of Bidtoask.com, for failing to comply with subpoenas in an investigation into alleged securities fraud involving commingled investor funds used for personal expenses. Coronati ignored two SEC subpoenas and a November 2013 court order compelling document production and testimony, leading to a January 17, 2014 civil contempt ruling. He was arrested by the U.S. Marshals Service and ordered to pay $4,812 to cover the SEC’s service costs, released on a $50,000 bond with travel restrictions to New York’s Southern and Eastern Districts. The court scheduled a further hearing for February 6, 2014, while the SEC’s investigation into potential fraud remained ongoing.
Extracted insights
- $50K $50,000 $10K–$100K
- $5K $4,812 <$10K
- agency Securities and Exchange Commission
- organization Securities and Exchange Commission
- Anthony Coronati was held in contempt for failing to comply with subpoenas requiring document production and testimony
- Securities and Exchange Commission filed subpoenas requiring Anthony Coronati to produce documents and give testimony
- Securities and Exchange Commission announced that Anthony Coronati was held in contempt of court and arrested
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 22907 / January 23, 2014 Securities and Exchange Commission v. Anthony Coronati, Civil Action No. 13-misc-0372-P1 (S.D.N.Y. order entered January 17, 2014) Subject of SEC Investigation Held in Contempt of Court and Arrested for Failing to Comply with Subpoenas The Securities and Exchange Commission today announced that a Staten Island man who is the subject of an agency investigation has been held in contempt of court and arrested for failing to comply with subpoenas requiring him to produce documents and give testimony. The SEC filed a subpoena enforcement action in federal court in Manhattan on Nov. 4, 2013, against Anthony Coronati, the founder of a business known as Bidtoask.com, which has an office in Staten Island. According to court documents, entities controlled by Coronati solicited investments relating to the securities of sought-after private companies such as Facebook that investors hoped would later hold initial public offerings. The SEC is investigating, among other things, whether Coronati commingled investor funds with other money in an account he controlled and used it to pay personal expenses. Despite two SEC investigative subpoenas in 2013, Coronati has neither produced documents nor appeared for testimony. A court order issued on Nov. 7, 2013, required Coronati to comply with the SEC subpoenas. A court order issued on Jan. 17, 2014, found Coronati in civil contempt for ignoring the prior court order. The contempt order requires Coronati, who repeatedly attempted to evade service, to pay $4,812 to the SEC to reimburse the agency for its costs of serving him with court papers in this proceeding. The U.S. Marshals Service arrested Coronati today. At a hearing held before the Honorable William H. Pauley III, the court ordered Coronati released on $50,000 bond and restricted his travel to the Southern and Eastern Districts of New York. The court ordered a further hearing on Feb. 6, 2014. The SEC's investigation is continuing. See also: LR 22863 (Nov. 5, 2013).
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 22907 / January 23, 2014 Securities and Exchange Commission v. Anthony Coronati, Civil Action No. 13-misc-0372-P1 (S.D.N.Y. order entered January 17, 2014) Subject of SEC Investigation Held in Contempt of Court and Arrested for Failing to Comply with Subpoenas The Securities and Exchange Commission today announced that a Staten Island man who is the subject of an agency investigation has been held in contempt of court and arrested for failing to comply with subpoenas requiring him to produce documents and give testimony. The SEC filed a subpoena enforcement action in federal court in Manhattan on Nov. 4, 2013, against Anthony Coronati, the founder of a business known as Bidtoask.com, which has an office in Staten Island. According to court documents, entities controlled by Coronati solicited investments relating to the securities of sought-after private companies such as Facebook that investors hoped would later hold initial public offerings. The SEC is investigating, among other things, whether Coronati commingled investor funds with other money in an account he controlled and used it to pay personal expenses. Despite two SEC investigative subpoenas in 2013, Coronati has neither produced documents nor appeared for testimony. A court order issued on Nov. 7, 2013, required Coronati to comply with the SEC subpoenas. A court order issued on Jan. 17, 2014, found Coronati in civil contempt for ignoring the prior court order. The contempt order requires Coronati, who repeatedly attempted to evade service, to pay $4,812 to the SEC to reimburse the agency for its costs of serving him with court papers in this proceeding. The U.S. Marshals Service arrested Coronati today. At a hearing held before the Honorable William H. Pauley III, the court ordered Coronati released on $50,000 bond and restricted his travel to the Southern and Eastern Districts of New York. The court ordered a further hearing on Feb. 6, 2014. The SEC's investigation is continuing. See also: LR 22863 (Nov. 5, 2013).