Securities Arbitration Lawyers BlogThree Individuals Charged by the SEC for Defrauding Elderly Clients
Allegations include the misappropriation of more than $2.6 million, much of it through a penny stock scheme
Elder financial fraud continues to be a serious problem in the U.S., but the Securities and Exchange Commission (SEC) is making attempts to protect senior investors. One way the agency is doing this is by increasing penalties for repeat offenders.
Recently, the SEC charged Joseph A. Rubbo and Angela Beckcom Rubbo Monaco of Coral Springs, FL, with defrauding 11 investors, most of whom were elderly. Their penny stock scheme involved getting people to invest in Rubbo and Monaco’s entertainment company called “VIP,” as well as the Spongebuddy, a sponge/glove cleaning product.