SEC v. Sam A. Antar, No. LR-25730, Southern District of New York (May 19, 2023) — Press Release
raw: Sam A. Antar
Sam A. Antar, No. 1:19-cv-11527 (S.D.N.Y. May 19, 2023)
Sam A. Antar obtained a final judgment for defrauding New Jersey investors of over $550,000 through a fake pre-IPO stock scheme, resulting in a three-year prison sentence and significant financial penalties.
Sam A. Antar defrauded investors of more than $550,000 by claiming to invest in emerging companies while actually misappropriating funds for personal use. He was charged with violating federal antifraud provisions under the Securities Act of 1933 and the Securities Exchange Act of 1934. The final judgment requires him to pay $567,000 in disgorgement and $88,754 in prejudgment interest.
Sam A. Antar defrauded New Jersey investors, many from the Syrian Jewish community, of over $550,000 through a scheme involving non-existent pre-IPO stock investments. Instead of purchasing shares, Antar diverted funds toward gambling, family gifts, his daughter's wedding, and Ponzi-like payments to early investors. The SEC obtained a final judgment against him, permanently enjoining him from violating federal antifraud provisions. Antar was ordered to pay $567,000 in disgorgement and $88,754 in prejudgment interest. In a parallel criminal action, he pleaded guilty and was sentenced to three years in prison with a $15,000 restitution order. This civil judgment allows for offsets based on his criminal restitution obligations.
Exhibits & Attached Documents (2)
Extracted insights
- $567K $567,000 $100K–$1M
- $550K $550,000 $100K–$1M
- $89K $88,754 $10K–$100K
- $15K $15,000 $10K–$100K
- person criminal charges
- person final consent judgment
- person final judgment
- person fraudulent scheme
- person investor funds
- person Sam A. Antar
- agency Securities and Exchange Commission
- organization Securities and Exchange Commission
- court u.s. district court
- organization U.S. District Court
- Securities And Exchange Commission obtains final judgment
- Sam a. Antar defrauded New Jersey investors
- Sam a. Antar spent investor funds
- Sam a. Antar pled guilty
- U.S. District Court entered final consent judgment
- Securities And Exchange Commission charged Sam a. Antar
- Sam a. Antar paid $15,000 restitution
- New Jersey Office Of The Attorney General filed criminal charges
- Sam a. Antar received three years in prison
- Securities And Exchange Commission alleged fraudulent scheme
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 25730 / May 19, 2023 Securities and Exchange Commission v. Sam A. Antar, No. 1:19-cv-11527 (S.D.N.Y. filed December 17, 2019) SEC Obtains Final Judgment Against Individual Who Defrauded New Jersey Investors On May 17, 2023, the U.S. District Court for the Southern District of New York entered a final consent judgment against Sam A. Antar, who the SEC previously charged with defrauding investors, many of whom were his friends and acquaintances in a Syrian Jewish community in New Jersey. The SEC's s complaint, alleged that Antar, of New York, New York, engaged in a fraudulent scheme that deceived numerous investors out of more than $550,000 while claiming he would invest in shares of companies that were not yet public, and then sell those shares to already-identified buyers for a premium in a short period of time. In reality, according to the complaint, Antar never used investor funds to purchase shares of emerging companies, or to make any other investment. Instead, Antar spent investor funds gambling, making gifts to family members, paying for his daughter's wedding, and making Ponzi-like payments to some early investors. The final judgment permanently enjoins Antar from violating the antifraud provisions of the federal securities laws, Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The judgment also orders Antar to pay disgorgement of $567,000 and prejudgment interest of $88,754, with offsets permitted for amounts Antar pays pursuant to a restitution order in a parallel criminal action. In a parallel criminal action, the New Jersey Office of the Attorney General Division of Criminal Justice filed criminal charges against Antar. On April 22, 2022, Antar pled guilty to certain of the charges and on December 9, 2022, was sentenced to three years in prison and ordered to pay restitution of $15,000.
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 25730 / May 19, 2023 Securities and Exchange Commission v. Sam A. Antar, No. 1:19-cv-11527 (S.D.N.Y. filed December 17, 2019) SEC Obtains Final Judgment Against Individual Who Defrauded New Jersey Investors On May 17, 2023, the U.S. District Court for the Southern District of New York entered a final consent judgment against Sam A. Antar, who the SEC previously charged with defrauding investors, many of whom were his friends and acquaintances in a Syrian Jewish community in New Jersey. The SEC's s complaint, alleged that Antar, of New York, New York, engaged in a fraudulent scheme that deceived numerous investors out of more than $550,000 while claiming he would invest in shares of companies that were not yet public, and then sell those shares to already-identified buyers for a premium in a short period of time. In reality, according to the complaint, Antar never used investor funds to purchase shares of emerging companies, or to make any other investment. Instead, Antar spent investor funds gambling, making gifts to family members, paying for his daughter's wedding, and making Ponzi-like payments to some early investors. The final judgment permanently enjoins Antar from violating the antifraud provisions of the federal securities laws, Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The judgment also orders Antar to pay disgorgement of $567,000 and prejudgment interest of $88,754, with offsets permitted for amounts Antar pays pursuant to a restitution order in a parallel criminal action. In a parallel criminal action, the New Jersey Office of the Attorney General Division of Criminal Justice filed criminal charges against Antar. On April 22, 2022, Antar pled guilty to certain of the charges and on December 9, 2022, was sentenced to three years in prison and ordered to pay restitution of $15,000.