The SEC announced charges against four individuals for fraud against victims including seniors solicited through free dinners at a Tampa, Florida restaurant. The SEC alleges that Philadelphia residents Joseph Andrew Paul and John D. Ellis, Jr. lied about the track record of their advisory firm, including by creating fraudulent marketing materials with performance numbers cut-and-pasted from another firm’s website. Paul and Ellis recruited Donald Ellison and James Quay to use these materials and solicit potential victims with promises of lofty returns. The SEC alleges that much of the money was never invested, but rather split between the four men. SEC
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