South Florida, including Fort Lauderdale, Pompano Beach, Margate, Lighthouse Point, Deerfield Beach and Boca Raton Charitable Gift Fraud and Misrepresentation and Elder Abuse and Exploitation FINRA Arbitration and Litigation Attorney:
Securities and Exchange Commission v. Richard K. Olive and Susan L. Olive, Civil Action No. 2:13-civ-14047 (S.D. Fla.); Securities and Exchange Commission v. William G. Reeves, Esq., Civ. No. 2:13-cv-14048 (S.D. Fla.)
Husband and Wife Agree to $2 Million Settlement in Florida-Based Charity Fraud Case
The Securities and Exchange Commission today announced that a husband and wife in Florida charged last year with defrauding seniors through a purported charitable organization have agreed to pay more than $2 million and be barred from the securities industry.
The SEC filed its enforcement action in February 2013 against Richard and Susan Olive and their Tallahassee-based entity We The People Inc. At the SEC’s request, the U.S. District Court for the Southern District of Florida subsequently appointed a receiver who has recovered approximately $60 million in investor funds.
The SEC also charged We The People’s former in-house counsel, who entered into a cooperation agreement with the agency. As a result of the significant assistance provided by William Reeves in the case, the SEC has decided not to seek a financial penalty against him.
The settlement, which has been approved by the court, requires Richard Olive to pay $1,054,131 in disgorgement and a $1,054,131 penalty. Susan Olive is required to pay $45,655 in disgorgement and a $150,000 penalty. Richard and Susan Olive consented to a final judgment providing permanent injunctive relief under Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 and Sections 10(b) and 15(a) of the Securities Exchange Act of 1934 and Rule 10b-5.
In a related administrative proceeding, the Olives agreed to be barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization or from participating in an offering of penny stock.
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.