Boca Raton, Delray Beach, Lantana, Lake Worth, Florida Unregistered Sales of Securities FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq.:
Securities and Exchange Commission v. James L. Erwin and Joint Venture Solutions, Inc., Civil Action No. 2:14-cv-623 (D. Nev. April 23, 2014)
SEC Charges Las Vegas Resident and His Company with Securities and Broker-Dealer Registration Violations in Connection with Multi-Million Dollar Prime Bank Schemes
Recently, the Securities and Exchange Commission filed charges against Las Vegas resident James Lee Erwin and his company, Las Vegas-based Joint Venture Solutions, Inc., for violating the securities offering and broker-dealer registration provisions of the federal securities laws. Erwin and Joint Venture Solutions, Inc. promoted investments in Malom Group AG of Switzerland, a company named with an acronym for “Make A Lot Of Money,” that is behind a pair of advance fee schemes guaranteeing astronomical returns to investors in purported prime bank transactions and overseas debt instruments.
The SEC’s complaint, filed in the U.S. District Court for the District of Nevada, alleges that between 2009 and 2011 Erwin, through Joint Venture Solutions, promoted investments in Malom, offered Malom’s securities to prospective investors, and acted as an intermediary between investors and Malom. The defendants’ efforts induced at least five investors to pay Malom over $2.5 million to enter into agreements with Malom. The SEC alleges that while the defendants received commissions based upon a percentage of the amount of investor funds raised, the investors they recruited lost all of their invested funds.
The SEC’s complaint alleges that Erwin and Joint Venture Solutions, Inc. violated the securities registration provisions of the federal securities laws, specifically, Section 5 of the Securities Act of 1933 and Section 15(a) of the Securities Exchange Act of 1934. The SEC seeks permanent injunctions, disgorgement of ill-gotten gains with prejudgment interest thereon, and civil penalties against each defendant.
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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.