SEC v. Paul Andrews Rinfret; Plandome Partners LLC; and Plandome Partners LP, No. LR-24521, Southern District of New York (June 28, 2019) — Press Release
raw: Paul Andrews Rinfret, et al.
Paul Andrews Rinfret, et al., No. LR-24521 (S.D.N.Y. June 28, 2019)
Paul Andrews Rinfret and Plandome Partners LLC defrauded at least five investors of $19.3 million in a securities offering fraud scheme, misrepresenting the fund's performance and using millions for personal expenses and luxury goods, with the outcome pending.
Paul Andrews Rinfret and Plandome Partners LLC allegedly defrauded at least five investors of $19.3 million in a securities offering fraud scheme. Rinfret sold limited partnership interests in Plandome Partners LP, misrepresenting the fund's performance and using millions of dollars for personal expenses and luxury goods. Rinfret and Plandome Partners LLC are charged with violating antifraud provisions of the federal securities laws.
Paul Andrews Rinfret, a Long Island man, and Plandome Partners LLC are accused of defrauding at least five investors of $19.3 million in a securities offering fraud scheme. Rinfret allegedly sold limited partnership interests in Plandome Partners LP, misrepresenting the fund's performance and using millions of dollars for personal expenses and luxury goods, including vacations, parties, and jewelry. The SEC alleges that Rinfret's trading strategy consistently lost money, and he fabricated account statements to conceal losses and lure new investments. Rinfret and Plandome Partners LLC are charged with violating antifraud provisions of the federal securities laws, including Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934. In a parallel action, the U.S. Attorney's Office for the Southern District of New York also filed criminal charges against Rinfret. The SEC's investigation, supported by the Department of Homeland Security, is ongoing.
Exhibits & Attached Documents (1)
Extracted insights
- $19.30M $19.3 million $10M–$100M
- $19.00M $19 million $10M–$100M
- person Investors
- person offering fraud scheme
- person paul andrews rinfret
- agency Securities and Exchange Commission
- organization Securities and Exchange Commission
- Paul Andrews Rinfret defrauded investors of over $19 million in a securities offering fraud
- Paul Andrews Rinfret defrauded investors of over $19 million in a securities offering fraud
- Securities and Exchange Commission charged Paul Andrews Rinfret
- Securities and Exchange Commission charged New York limited liability company
- Paul Andrews Rinfret defrauded investors
- Paul Andrews Rinfret perpetrated offering fraud scheme
- Paul Andrews Rinfret told investors
- Paul Andrews Rinfret charged with 19 Million Dollar Offering Fraud
- Paul Andrews Rinfret defrauded investors of over $19 million
- Paul Andrews Rinfret perpetrated multimillion dollar offering fraud scheme
- Paul Andrews Rinfret falsely told investors
- SEC charged Paul Andrews Rinfret
- SEC charged New York limited liability company
SEC Charges Long Island Man with 19 Million Dollar Offering Fraud Litigation Release No. 24521 / June 28, 2019 Securities and Exchange Commission v. Paul Andrews Rinfret, et al., 19-cv-6037 (S.D.N.Y.) The Securities and Exchange Commission today charged a Long Island, New York man and a New York limited liability company with defrauding investors of over $19 million in a securities offering fraud. According to the SEC's complaint, filed in federal court in Manhattan, Paul Andrews Rinfret perpetrated a multimillion dollar offering fraud scheme by falsely telling investors that they were investing in a successful trading strategy with a proven track record of triple digit returns. In truth, the complaint alleges, Rinfret's trading strategy consistently lost money, and Rinfret used millions of dollars of investor funds for personal living expenses, extravagant vacations, lavish parties, jewelry and other luxury goods. Rinfret, as alleged, defrauded at least five individuals out of a total of $19.3 million by selling them limited partnership interests in Plandome Partners LP, a purported investment fund operated by Rinfret and Plandome LLC. According to the complaint, Rinfret told investors that their money would be used to trade in S&P 500 futures contracts and foreign currency, and materially misrepresented the fund's current performance, historical track record, trading strategy, and assets under management. To cover up his scheme and obtain additional investments, Rinfret sent investors fabricated monthly account statements, which showed large profits from trading that either never occurred or, in fact, had resulted in substantial losses. The SEC's complaint charges Rinfret and general partner, Plandome Partners LLC, with 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 complaint names Plandome Partners LP as a relief defendant. In a parallel action, the U.S. Attorney's Office for the Southern District of New York today announced criminal charges against Rinfret. The SEC's continuing investigation is being conducted by Ladan Stewart, Douglas Smith, and George Stepaniuk. The litigation will be led by Christopher Dunnigan and Ladan Stewart. The case is being supervised by Lara Shalov Mehraban. The SEC appreciates the assistance of the U.S. Attorney's Office for the Southern District of New York and the Department of Homeland Security. SEC Complaint
SEC Charges Long Island Man with 19 Million Dollar Offering Fraud Litigation Release No. 24521 / June 28, 2019 Securities and Exchange Commission v. Paul Andrews Rinfret, et al., 19-cv-6037 (S.D.N.Y.) The Securities and Exchange Commission today charged a Long Island, New York man and a New York limited liability company with defrauding investors of over $19 million in a securities offering fraud. According to the SEC's complaint, filed in federal court in Manhattan, Paul Andrews Rinfret perpetrated a multimillion dollar offering fraud scheme by falsely telling investors that they were investing in a successful trading strategy with a proven track record of triple digit returns. In truth, the complaint alleges, Rinfret's trading strategy consistently lost money, and Rinfret used millions of dollars of investor funds for personal living expenses, extravagant vacations, lavish parties, jewelry and other luxury goods. Rinfret, as alleged, defrauded at least five individuals out of a total of $19.3 million by selling them limited partnership interests in Plandome Partners LP, a purported investment fund operated by Rinfret and Plandome LLC. According to the complaint, Rinfret told investors that their money would be used to trade in S&P 500 futures contracts and foreign currency, and materially misrepresented the fund's current performance, historical track record, trading strategy, and assets under management. To cover up his scheme and obtain additional investments, Rinfret sent investors fabricated monthly account statements, which showed large profits from trading that either never occurred or, in fact, had resulted in substantial losses. The SEC's complaint charges Rinfret and general partner, Plandome Partners LLC, with 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 complaint names Plandome Partners LP as a relief defendant. In a parallel action, the U.S. Attorney's Office for the Southern District of New York today announced criminal charges against Rinfret. The SEC's continuing investigation is being conducted by Ladan Stewart, Douglas Smith, and George Stepaniuk. The litigation will be led by Christopher Dunnigan and Ladan Stewart. The case is being supervised by Lara Shalov Mehraban. The SEC appreciates the assistance of the U.S. Attorney's Office for the Southern District of New York and the Department of Homeland Security. SEC Complaint