Florida-Based Stock Promoter Charged with Lying to SEC Investigators
Former broker and repeat offender Robert J. Vitale was criminally charged with obstructing justice and lying under oath to SEC investigators about a hidden $100,000 bank account under 'B.L. Inc.' used to conceal investor funds from his real estate securities offerings, following a prior SEC settlement and industry bar for a pump-and-dump scheme.
Robert J. Vitale, a former broker previously barred from the industry for a pump-and-dump scheme, was criminally charged by the U.S. Attorney’s Office for the Southern District of Florida for obstructing justice and lying under oath to SEC investigators. He concealed a $100,000 bank account under the name 'B.L. Inc.' in Fort Lauderdale, which he deposited into days before his June 2012 sworn testimony, and falsely denied its existence when subpoenaed for all investor-related financial records. The SEC and FBI collaborated on the investigation, emphasizing that obstruction of securities probes—especially by recidivists—will trigger criminal accountability alongside civil penalties.
Robert J. Vitale, a former broker and repeat securities fraud offender, was criminally charged by the U.S. Attorney’s Office for the Southern District of Florida for obstructing justice and lying under oath to SEC investigators. The charges stem from his failure to disclose a $100,000 bank account under the name 'B.L. Inc.' in Fort Lauderdale, which he opened and funded just days before his sworn testimony in June 2012, in direct violation of SEC subpoenas demanding full disclosure of investor funds and assets. Vitale had previously settled SEC civil charges years earlier for participating in a pump-and-dump market manipulation scheme and was barred from the brokerage industry as a result. The criminal information alleges that Vitale deliberately concealed the account during his testimony, undermining the integrity of the SEC’s investigative process. The SEC and FBI worked closely together on the case, with SEC enforcement officials stressing that obstruction of securities investigations—particularly by recidivists—will be met with criminal prosecution. This case underscores the government’s commitment to holding repeat offenders accountable not only for initial fraud but also for subsequent attempts to evade scrutiny. Vitale now faces criminal charges in addition to his prior civil penalties, signaling a broader enforcement strategy targeting deception during regulatory inquiries.
Exhibits & Attached Documents (1)
Extracted insights
- $100K $100,000 $100K–$1M
- person andrew j. ceresney
- person brokerage industry
- agency co-director of sec's division of enforcement
- agency existence of bank account to sec when asked under oath
- court federal district court
- person robert j. vitale
- company robert j. vitale and realty acquisitions & trust
- scheme_term robert j. vitale for participating in pump-and-dump market manipulation scheme
- agency Securities and Exchange Commission
- agency u.s. attorney's office for the southern district of florida
- SEC announced criminal charges against Robert J. Vitale for obstructing justice and lying to SEC investigators
- U.S. Attorney's Office for the Southern District of Florida filed criminal charges against Robert J. Vitale
- Robert J. Vitale lives in Lauderdale-by-the-Sea
- SEC issued subpoenas to Robert J. Vitale and Realty Acquisitions & Trust
- Robert J. Vitale deposited $100,000 into bank account under name B.L. Inc. in Fort Lauderdale in June 2012
- Robert J. Vitale did not disclose existence of bank account to SEC when asked under oath
- SEC previously charged Robert J. Vitale for participating in pump-and-dump market manipulation scheme
- Robert J. Vitale settled charges in federal district court
- Robert J. Vitale was barred from brokerage industry
- Andrew J. Ceresney is Co-Director of SEC's Division of Enforcement
The Securities and Exchange Commission today announced that the subject of an enforcement inquiry in Florida has has been criminally charged for obstructing justice and lying to SEC investigators looking into his real estate securities offerings to investors. The U.S. Attorney’s Office for the Southern District of Florida has filed criminal charges against former broker and securities fraud recidivist Robert J. Vitale, who lives in Lauderdale-by-the Sea. According to the criminal information filed in U.S. District Court for the Southern District of Florida, the SEC issued subpoenas to Vitale and his investment company Realty Acquisitions & Trust in order to identify investor funds and assets related to the securities offerings. The SEC investigators subpoenaed Vitale for all related bank records and took his sworn testimony. The criminal information alleges that Vitale lied about the existence of two separate bank accounts that he did not disclose to the SEC. Specifically, Vitale deposited $100,000 into a bank account in Fort Lauderdale under the name of “B.L. Inc.” in the days preceding his testimony to SEC investigators in June 2012. Vitale then did not disclose the existence of the account to the SEC when asked under oath. Vitale was previously charged by the SEC several years ago for participating in a pump-and-dump market manipulation scheme. Vitale later settled the charges in federal district court and was barred from the brokerage industry. “Lying to SEC investigators undermines the very foundation of the public trust that investors place in our markets, and it violates criminal law as well,” said Andrew J. Ceresney, Co-Director of the SEC’s Division of Enforcement. “Those who obstruct SEC investigations should realize they will ultimately be held accountable by criminal authorities who work so closely with us to rid the markets of securities law violators, particularly repeat offenders like Vitale. The SEC greatly appreciates the persistence of the U.S. Attorney’s Office and the FBI in pursuing this case.” The SEC appreciates the assistance of the Federal Bureau of Investigation along with the U.S. Attorney’s Office for the Southern District of Florida in this matter.
The Securities and Exchange Commission today announced that the subject of an enforcement inquiry in Florida has has been criminally charged for obstructing justice and lying to SEC investigators looking into his real estate securities offerings to investors. The U.S. Attorney’s Office for the Southern District of Florida has filed criminal charges against former broker and securities fraud recidivist Robert J. Vitale, who lives in Lauderdale-by-the Sea. According to the criminal information filed in U.S. District Court for the Southern District of Florida, the SEC issued subpoenas to Vitale and his investment company Realty Acquisitions & Trust in order to identify investor funds and assets related to the securities offerings. The SEC investigators subpoenaed Vitale for all related bank records and took his sworn testimony. The criminal information alleges that Vitale lied about the existence of two separate bank accounts that he did not disclose to the SEC. Specifically, Vitale deposited $100,000 into a bank account in Fort Lauderdale under the name of “B.L. Inc.” in the days preceding his testimony to SEC investigators in June 2012. Vitale then did not disclose the existence of the account to the SEC when asked under oath. Vitale was previously charged by the SEC several years ago for participating in a pump-and-dump market manipulation scheme. Vitale later settled the charges in federal district court and was barred from the brokerage industry. “Lying to SEC investigators undermines the very foundation of the public trust that investors place in our markets, and it violates criminal law as well,” said Andrew J. Ceresney, Co-Director of the SEC’s Division of Enforcement. “Those who obstruct SEC investigations should realize they will ultimately be held accountable by criminal authorities who work so closely with us to rid the markets of securities law violators, particularly repeat offenders like Vitale. The SEC greatly appreciates the persistence of the U.S. Attorney’s Office and the FBI in pursuing this case.” The SEC appreciates the assistance of the Federal Bureau of Investigation along with the U.S. Attorney’s Office for the Southern District of Florida in this matter.