South Florida Misappropriation of Funds and Breach of Fiduciary Duty FINRA Arbitration and Litigation Attorney:
Securities and Exchange Commission v. Michael P. Zenger, Civil Action No. 2:14-cv-00065 (USDC Utah, Filed January 31, 2014)
SEC Obtains Asset Freeze and Other Relief Against Michael P. Zenger
On January 31, 2014, the Securities and Exchange Commission obtained a temporary restraining order and an emergency asset freeze in an offering fraud orchestrated by Lehi, Utah resident Michael P. Zenger (Zenger).
The complaint alleges that since June 2013, Zenger solicited at least $200,000 from two friends for the purported purpose of trading futures contracts, commodities, and government securities. While Zenger used some investor money as represented, the complaint alleges that Zenger misappropriated approximately $100,000 of the $200,000 he raised to pay personal expenses, including airplane rentals, monthly credit card bills, payments to BMW and Mercedes Benz, purchases at Saks Fifth Avenue, Nordstrom and Costco, and other personal expenses.
The Commission’s complaint charges Zenger with violations of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Exchange Act of 1934 and Rule 10b-5 thereunder. The complaint seeks a preliminary and permanent injunction as well as disgorgement, prejudgment interest and civil penalties from Zenger.
With extensive courtroom, arbitration and mediation experience and an in-depth understanding of elder abuse, exploitation and securities law, our firm provides all of our clients with the personal service they deserve. Handling cases worth $25,000 or more, we represent clients throughout Florida and across the United States, as well as for foreign individuals that invested in U.S. banks or brokerage firms. Contact us to arrange your free initial consultation.
At the Fort Lauderdale Law Office of Russell L. Forkey, we represent clients throughout South and Central Florida, including Fort Lauderdale, West Palm Beach, Boca Raton, Sunrise, Plantation, Coral Springs, Deerfield Beach, Pompano Beach, Delray, Boynton Beach, Hollywood, Lake Worth, Royal Palm Beach, Manalapan, Jupiter, Gulf Stream, Wellington, Fort Pierce, Stuart, Palm City, Jupiter, Miami, Orlando, Maitland, Winter Park, Altamonte Springs, Lake Mary, Heathrow, Melbourne, Palm Bay, Cocoa Beach, Vero Beach, Daytona Beach, Deland, New Smyrna Beach, Ormand Beach, Broward County, Palm Beach County, Dade County, Orange County, Seminole County, Martin County, Brevard County, Indian River County, Volusia County and Monroe County, Florida. The law office of Russell L. Forkey also represents South American, Canadian and other foreign residents that do business with U.S. financial institutions, investment advisors, brokerage and precious metal firms.