(AlphaBetaStock.com) - The Securities and Exchange Commission (SEC) has filed charges against four individuals for defrauding a senior citizen couple of their retirement funds. Disbarred attorney and convicted felon John Mark Marino, along with Jason “Jai” Johnson, Anthony Brown, and Abraham Borenstein, are accused of deceiving the investors by claiming their funds would be used to pay fees for the “monetization” of a €1.5 billion medium-term note issued by an international bank.
However, the SEC alleges that the note documentation was a forgery, and Marino used the investor funds for his own benefit and transferred some to the other defendants. Borenstein, a licensed attorney, is said to have facilitated the fraud by serving as a “paymaster” and allowing the investor money to flow through his attorney trust account.
Brown is accused of assisting Marino by connecting him with Johnson and the investors in exchange for a share of the misappropriated funds. The SEC’s complaint charges Marino and Johnson with violating antifraud provisions, while Borenstein and Brown are charged with aiding and abetting Marino’s violations.
The SEC is seeking various remedies, including permanent injunctions, disgorgement, civil penalties, and an officer and director bar against Marino. The investigation was conducted by Christopher Nowlin and supervised by Spencer Bendell, with the litigation to be led by Daniel Blau and supervised by Gary Leung.
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About SEC
The Securities Exchange Commission (SEC) is a regulatory agency in the United States that oversees and enforces federal securities laws. Its primary mission is to protect investors, maintain fair and orderly markets, and facilitate capital formation. The SEC achieves these objectives through various activities including regulating securities markets, registering and overseeing securities firms and professionals, enforcing securities laws, and providing investors with educational resources and information. The SEC plays a crucial role in ensuring transparency, integrity, and accountability in the securities industry, ultimately promoting investor confidence and contributing to the overall stability and efficiency of the financial markets.
By Irving Wilkinson | Stock Market Today
June 26, 2023
About The Author
Irving Wilkinson is the Editor of AlphaBetaStock.com. Prior to joining ABS, he has worked a financial advisor and inside sales desk manager for a broker-dealer. He brings nearly 20 years of experience investing and has a Masters Degree from Western Governors in Business Leadership. ABS News & Research is dedicated to providing quality investment insight and information from experienced financial professionals and journalists.
Irving Wilkinson is the Editor of AlphaBetaStock.com. Prior to joining ABS, he has worked a financial advisor and inside sales desk manager for a broker-dealer. He brings nearly 20 years of experience investing and has a Masters Degree from Western Governors in Business Leadership. ABS News & Research is dedicated to providing quality investment insight and information from experienced financial professionals and journalists. Contact Us
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