2018-09-12 sec-litreleases litigation_release 65 KB 2,281 chars

SEC v. Joseph M. Laura; Anthony R. Sichenzio; and Walter Gil de Rubio, No. LR-24266, Eastern District of New York (Sept. 12, 2018) — Press Release

raw: Laura, et al.

Laura, et al., No. LR-24266 (E.D.N.Y. Sept. 12, 2018)

Caption
SEC v. Joseph M. Laura, et al.
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summary

Joseph M. Laura, Anthony R. Sichenzio, and Walter Gil de Rubio defrauded 80 investors of $3.7 million through a crude oil processing scheme, misappropriating funds and violating antifraud provisions, with the outcome pending in federal court.

paragraph

The SEC charged the three defendants with defrauding approximately 80 investors of over $3.7 million through a scheme involving false claims about a crude oil processing technology. Laura allegedly misappropriated more than half of the investor funds, using less than half for legitimate business purposes. The defendants face charges including violations of the antifraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934.

narrative

The Securities and Exchange Commission (SEC) filed an action against Joseph M. Laura, Anthony R. Sichenzio, and Walter Gil de Rubio, charging them with defrauding approximately 80 investors of over $3.7 million through a scheme involving false claims about a crude oil processing technology. The alleged fraud occurred between June 2013 and January 2017, during which time Laura drafted investor contracts with baseless and unreasonably optimistic projections concerning the timing and amount of investment returns. Laura also made false statements about the use of offering proceeds, claiming that investor funds would be used for 'working capital' when less than half of the funds went to legitimate business uses. Instead, Laura misappropriated more than half of the funds raised, using them for personal purposes. Sichenzio and Gil de Rubio aided and abetted the fraud, knowingly receiving and facilitating the misuse of investor funds. The defendants face charges including violations of the antifraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934, as well as unregistered broker-dealer violations. The litigation, filed in the Eastern District of New York, was investigated by SEC staff and is being led by attorneys Kevin McGrath and Margaret Spillane.

Enriched metadata

Scheme
pre-ipo-fraud (95%)
Court
Eastern District of New York
Victim loss
$3,700,000
Victims
80
Entity
Laura
Classified pre-ipo-fraud(confidence 95%). EDGAR detection: forms S-1/Form D/1-A· recall 72% / precision 8%. detection rule →
Statutes
Section 17(a) of the Securities ActSection 10(b) of the Securities Exchange ActSections 17(a)(1) and (3) of the Securities ActSections 17(a)(1) and (3) of the Securities ActSection 17(a)(2) of the Securities ActRule 10b-5Rule 10b-5(b)
Parties
Securities and Exchange CommissionJoseph M. LauraAnthony R. SichenzioWalter Gil de Rubio
Keywords
laurasecurities exchangesecuritiesexchangeinvestor fundsantifraud provisionsfundssec'sinvestorseptember securitiesexchange commissionalleges lauraviolating antifraudprovisions securitiesexchange thereunder

Exhibits & Attached Documents (1)

Extracted insights

Dollar amounts 1
  • $3.70M $3.7 million $1M–$10M
Entities 4
  • person investor funds
  • agency Securities and Exchange Commission
  • organization Securities and Exchange Commission
  • agency the sec's complaint
Triples 14
  • Securities and Exchange Commission filed an action Joseph M. Laura, Anthony R. Sichenzio, and Walter Gil de Rubio
  • the SEC's complaint alleges the defendants defrauded investors and misappropriated investor funds between June 2013 and January 2017
  • the defendants defrauded approximately 80 investors of over $3.7 million
  • Securities and Exchange Commission filed an action against Joseph M. Laura, Anthony R. Sichenzio, and Walter Gil de Rubio
  • the defendants defrauded approximately 80 investors of over $3.7 million
  • the defendants misappropriated investor funds
  • Joseph M. Laura defrauded investors approximately 80 investors of over $3.7 million
  • Anthony R. Sichenzio defrauded investors approximately 80 investors of over $3.7 million
  • Walter Gil de Rubio defrauded investors approximately 80 investors of over $3.7 million
  • Joseph M. Laura misappropriated investor funds between June 2013 and January 2017
  • Anthony R. Sichenzio misappropriated investor funds between June 2013 and January 2017
  • Walter Gil de Rubio misappropriated investor funds between June 2013 and January 2017
  • Securities and Exchange Commission filed an action against Joseph M. Laura, Anthony R. Sichenzio, and Walter Gil de Rubio
  • Securities and Exchange Commission charged Three in Crude Oil Processing Scheme
PDF (from attached: pdf)
Attorneys f or the P la intif f · Source
Text layers
Extracted body text (2,281c) 
SEC Charges Three in Crude Oil Processing Scheme Litigation Release No. 24266 / September 12, 2018 Securities and Exchange Commission v. Laura, et al., No. 18-cv-05075 (E.D.N.Y.) (filed Sept. 7, 2018) On September 7, 2018, the Securities and Exchange Commission filed an action against Joseph M. Laura, Anthony R. Sichenzio, and Walter Gil de Rubio, for defrauding approximately 80 investors of over $3.7 million. According to the SEC's complaint, the defendants defrauded investors and misappropriated investor funds between June 2013 and January 2017 through sales of securities in a company that claimed to have rights to a crude oil processing technology. The complaint alleges that Laura drafted investor contracts that contained baseless and unreasonably optimistic projections concerning the timing and amount of investment returns, and made false statements about the use of offering proceeds. The complaint further alleges that Laura claimed investor funds would be used for "working capital" when less than half of the investors' funds went to legitimate business uses. Instead, Laura misappropriated more than half the funds raised. The complaint alleges that Sichenzio and Gil de Rubio schemed with, and aided and abetted Laura in the fraud, were aware of Laura's misappropriation, and also received investor funds. The SEC's complaint, filed in federal district court in Brooklyn, charges Laura 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 unregistered broker dealer provision of Section 15(a)(1) of the Exchange Act. It charges Sichenzio and Gil de Rubio with violating the antifraud provisions of Sections 17(a)(1) and (3) of the Securities Act and Section 10(b) of the Exchange Act and Rules 10b-5(a) and (c) thereunder, and with aiding and abetting Laura's violations of the antifraud provisions of Section 17(a)(2) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5(b) thereunder. The SEC's investigation was conducted by Margaret Spillane, Neil Hendelman and Thomas P. Smith, Jr., and supervised by Lara S. Mehraban. The SEC's litigation will be led by Kevin McGrath and Ms. Spillane. SEC Complaint
OCR text (2,281c · html-text · 99% conf) 
SEC Charges Three in Crude Oil Processing Scheme Litigation Release No. 24266 / September 12, 2018 Securities and Exchange Commission v. Laura, et al., No. 18-cv-05075 (E.D.N.Y.) (filed Sept. 7, 2018) On September 7, 2018, the Securities and Exchange Commission filed an action against Joseph M. Laura, Anthony R. Sichenzio, and Walter Gil de Rubio, for defrauding approximately 80 investors of over $3.7 million. According to the SEC's complaint, the defendants defrauded investors and misappropriated investor funds between June 2013 and January 2017 through sales of securities in a company that claimed to have rights to a crude oil processing technology. The complaint alleges that Laura drafted investor contracts that contained baseless and unreasonably optimistic projections concerning the timing and amount of investment returns, and made false statements about the use of offering proceeds. The complaint further alleges that Laura claimed investor funds would be used for "working capital" when less than half of the investors' funds went to legitimate business uses. Instead, Laura misappropriated more than half the funds raised. The complaint alleges that Sichenzio and Gil de Rubio schemed with, and aided and abetted Laura in the fraud, were aware of Laura's misappropriation, and also received investor funds. The SEC's complaint, filed in federal district court in Brooklyn, charges Laura 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 unregistered broker dealer provision of Section 15(a)(1) of the Exchange Act. It charges Sichenzio and Gil de Rubio with violating the antifraud provisions of Sections 17(a)(1) and (3) of the Securities Act and Section 10(b) of the Exchange Act and Rules 10b-5(a) and (c) thereunder, and with aiding and abetting Laura's violations of the antifraud provisions of Section 17(a)(2) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5(b) thereunder. The SEC's investigation was conducted by Margaret Spillane, Neil Hendelman and Thomas P. Smith, Jr., and supervised by Lara S. Mehraban. The SEC's litigation will be led by Kevin McGrath and Ms. Spillane. SEC Complaint

Related documents (1)