SEC v. Tyler L. Andrews, No. LR-25702, District of Colorado (Apr. 28, 2023) — Press Release
raw: Tyler L. Andrews
Tyler L. Andrews, No. 1:23-cv-1063 (Apr. 28, 2023)
Tyler L. Andrews was charged by the SEC for raising over $1 million through fraudulent promissory notes for a luxury travel business and settled with a $75,000 penalty and a ten-year bar.
Tyler L. Andrews was charged with violating antifraud and registration provisions for raising over $1 million through an unregistered offering of promissory notes for Platinum Travel and Entertainment, LLC. He misled 17 investors by falsely claiming the notes were attorney-prepared and collateralized while concealing owner Gregory A. Ciccone's prior fraud convictions. Andrews settled the matter by consenting to a permanent injunction, a $75,000 civil penalty, $14,990 in disgorgement, and a ten-year officer and director bar.
The SEC charged Tyler L. Andrews for making false statements to raise over $1 million via unregistered promissory notes for Platinum Travel and Entertainment, LLC. Andrews misled 17 investors by claiming the notes were secured by collateral and prepared by an attorney, while concealing that owner Gregory A. Ciccone had prior fraud convictions. Additionally, he failed to disclose that the business was not making timely payments on the notes. The SEC's complaint alleges violations of antifraud and securities registration provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. To resolve the charges, Andrews consented to a permanent injunction, a ten-year officer and director bar, $14,990 in disgorgement with interest, and a $75,000 civil penalty. This settlement, which does not require admitting or denying allegations, remains subject to court approval.
Exhibits & Attached Documents (1)
Extracted insights
- $1.00M $1 million $1M–$10M
- $75K $75,000 $10K–$100K
- $15K $14,990 $10K–$100K
- company all the money raised from investors in platinum travel and entertainment, llc
- agency Securities and Exchange Commission
- person tyler l. andrews
- Securities And Exchange Commission charged Tyler L. Andrews with fraudulently selling promissory notes for a luxury travel business
- Tyler L. Andrews made false statements to investors about Gregory a. Ciccone's background and the security of promissory notes
- Gregory a. Ciccone fraudulently diverted all the money raised from investors in Platinum Travel and Entertainment, LLC
- Securities And Exchange Commission previously charged Platinum Travel and Entertainment, LLC and Gregory a. Ciccone with fraud
- Tyler L. Andrews failed to disclose that the travel concierge business was not making timely payments on the promissory notes
- Securities And Exchange Commission charged Tyler L. Andrews with violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934
- Tyler L. Andrews consented to permanent injunctions, $14,990 of disgorgement with prejudgment interest, a $75,000 civil penalty, and a ten-year officer and director bar
- Securities And Exchange Commission conducted investigation by Matthew L. Skidmore and supervised by Mary S. Brady, Nicholas P. Heinke, and Jason J. Burt
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 25702 / April 28, 2023 Securities and Exchange Commission v. Tyler L. Andrews, No. 1:23-cv-1063 (D. Colo. filed April 27, 2023) SEC Charges Colorado Man with Fraudulently Selling Promissory Notes for Luxury Travel Business The Securities and Exchange Commission charged Tyler L. Andrews for making false statements while raising over $1 million from investors in an unregistered offering of securities for a luxury travel business, Platinum Travel and Entertainment, LLC, whose owner Gregory A. Ciccone fraudulently diverted all the money raised. The SEC previously charged Platinum and Ciccone with fraud. According to the SEC’s complaint, which was filed today in the United States District Court for the District of Colorado, Andrews offered to sell promissory notes to 17 investors for the represented purpose of securing hotel reservations as part of Platinum’s high-end luxury travel business. Among other things, the complaint alleges that Andrews made several false statements to investors, including that Ciccone was an impressive entrepreneur and successful businessman, when Andrews knew Ciccone was previously convicted of fraud; that the promissory notes were prepared by an attorney who conducted due diligence; and that the loans were secured by collateral. In addition, the complaint alleges that Andrews failed to disclose that the travel concierge business was not making timely payments on the promissory notes. The complaint charges Andrews with violating the antifraud provisions of 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, as well as the securities registration provisions of Sections 5(a) and (c) of the Securities Act. Without admitting or denying the SEC’s allegations, Andrews consented to permanent injunctions, $14,990 of disgorgement with prejudgment interest, a $75,000 civil penalty, and a ten-year officer and director bar. The settlement is subject to court approval. The SEC’s investigation was conducted by Matthew L. Skidmore and supervised by Mary S. Brady, Nicholas P. Heinke, and Jason J. Burt, with the assistance of trial counsel Leslie J. Hughes under the supervision of Mr. Burt, Mr. Heinke, and Gregory A. Kasper.
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 25702 / April 28, 2023 Securities and Exchange Commission v. Tyler L. Andrews, No. 1:23-cv-1063 (D. Colo. filed April 27, 2023) SEC Charges Colorado Man with Fraudulently Selling Promissory Notes for Luxury Travel Business The Securities and Exchange Commission charged Tyler L. Andrews for making false statements while raising over $1 million from investors in an unregistered offering of securities for a luxury travel business, Platinum Travel and Entertainment, LLC, whose owner Gregory A. Ciccone fraudulently diverted all the money raised. The SEC previously charged Platinum and Ciccone with fraud. According to the SEC’s complaint, which was filed today in the United States District Court for the District of Colorado, Andrews offered to sell promissory notes to 17 investors for the represented purpose of securing hotel reservations as part of Platinum’s high-end luxury travel business. Among other things, the complaint alleges that Andrews made several false statements to investors, including that Ciccone was an impressive entrepreneur and successful businessman, when Andrews knew Ciccone was previously convicted of fraud; that the promissory notes were prepared by an attorney who conducted due diligence; and that the loans were secured by collateral. In addition, the complaint alleges that Andrews failed to disclose that the travel concierge business was not making timely payments on the promissory notes. The complaint charges Andrews with violating the antifraud provisions of 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, as well as the securities registration provisions of Sections 5(a) and (c) of the Securities Act. Without admitting or denying the SEC’s allegations, Andrews consented to permanent injunctions, $14,990 of disgorgement with prejudgment interest, a $75,000 civil penalty, and a ten-year officer and director bar. The settlement is subject to court approval. The SEC’s investigation was conducted by Matthew L. Skidmore and supervised by Mary S. Brady, Nicholas P. Heinke, and Jason J. Burt, with the assistance of trial counsel Leslie J. Hughes under the supervision of Mr. Burt, Mr. Heinke, and Gregory A. Kasper.