July 22, 2016

The SEC obtained an asset freeze against James Hugh Brennan III and Douglas Albert Dyer, two former brokers with disciplinary histories who allegedly raised more than $5 million from investors without using the money as promised.  In an emergency action field in federal court, the SEC alleged that Brennan and Dyer sold purported shares in eight similarly named companies to more than 240 investors since 2008 without ever registering the stock as promised.  Instead, according to the SEC’s complaint, Brennan and Dyer transferred investor funds into their personal accounts or those belonging to their wives.  The SEC further alleged that Brennan and Dyer continue to solicit investors while touting their securities industry experience and failing to disclose that Brennan was banned from the brokerage industry and Dyer suspended and fined for executing unauthorized transactions in customers’ accounts.  SEC

Tagged in: Securities Fraud,