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Commission Files Another Offering Fraud Action

Commission Files Another Offering Fraud Action

T. GormanPosted on March 28, 2023 Posted in SECActions

Offering frauds are one of the prevalent types of fraud the Commission’s Enforcement Division faces. Typically, each year cases involving offering frauds are among the largest group of cases initiated by the agency. One reason is that they come in all shapes and sizes, ranging from simple claims such as “the stock is about to be listed on NASDAQ” or the company is a “takeover target” to scams involving the sale of New York Broadway Theater tickets. Whatever can be used to suggest that an investment is as close to a guaranteed sure thing to make money can be crafted into a story that will appeal to some investor group.

While some of these scams are simple and can be uncovered or checked with little effort, others are more difficult to uncover. Some, for example, are built on the notion that a knowledgeable trader has developed a “near fool proof” way to place high risk trades and turn them into safe investments for the average investor. This was the pitch used in the Commission’s latest offering fraud action, SEC v. Perera, Civil Action No. 2:23-cv-02316 (E.D.N.Y. March 22, 2023).

Named as defendants in the case are Surage Kamal Roshman Perera, employed in the brokerage industry for years and the only authorized signer for the bank accounts of Janues Capital Incorporated, supposedly a capital markets advisory firm and also a defendant.

Over a period of about one year, beginning in February 2022, defendants raised millions of dollars from one investor. Defendant Perera convinced the investor that Janues had access to specific restricted securities at discount prices through contacts and connections with institutions. He also claimed to have an essentially fool proof trading strategy – options straddles. This trade technique prevented losses, according to the sales pitch. It also guaranteed returns of at least 9% and up to 50%.

Over the period Mr. Perera obtained about $4.3 million from the investor. He did not, however, use the funds to purchase the securities discussed such as options straddles. Rather, he misappropriated the funds obtained from the investor, diverting the cash to his own purposes. The complaint alleges violations of Securities Act Section 17(a), Exchange Act Section 10(b) and Advisers Act Sections 206(1) & (2). The case is pending. The U.S. Attorney’s Office for the Eastern District of New York announced the filing of parallel criminal charges.

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THIS WEEK IN SECURITIES LITIGATION (Week of March 27, 2023)

Commission Files Another Offering Fraud Action

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Tagged with: offering fraud, SEC

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Prepared:

Thomas O. Gorman

DC Attorney specializing in securities
and other agency litigation

Former SEC Senior Counsel, Enforcement
and Special Trial Counsel, GC Office
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