Kenneth Rijock

Kenneth Rijock

Friday, April 17, 2015

SEC SEEKS $1m FROM FRANK PREVE IN SCOTT ROTHSTEIN PONZI SCANDAL


The Securities & Exchange Commission, in a motion filed in its case* against George Levin and Frank Preve, who operated a hedge fund which placed investor money with Scott Rothstein's billion dollar Ponzi scheme, have requested that Preve disgorge the profits he earned from his participation in the fraud perpetrated upon the investors. The amount requested, for the entry of a final judgment, is $985,000, his income from the fraud, plus interest, for a total of $1,054,544.72 .

Preve had previously consent to a permanent injunction, disgorgement, plus prejudgment interest. The promissory notes that Levin & Preve sold to their victims were never the subject of a Registration Statement with its regulators, and no exemption from registration existed.
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*Securities & Exchange Commission vs. George G. Levin and Frank Preve, Case No.: 12-cv-21917-UU (SD FL).

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