Call Now For a Free Consultation:
(614) 532-4576
Nationwide Representation

SEC Charges Florida-Based Imperiali and Officers With Securities Fraud

Last week, the SEC filed civil fraud charges against a Florida-based business development company, its owner, a former officer, and a former auditor in connection to what officials say was a fraudulent disclosure and accounting scheme. Daniel Imperato, Charles Fiscina, Lawrence O’Donnell, and Imperiali, Inc. are the named defendants. The Complaint alleges that Imperato, from 2005 through 2008, used his company, Imperiali, to defraud Imperiali investors in a securities fraud scheme that misled investors about Imperiali’s financial status. Specifically, the Complaint alleges that Imperato directly solicited investments in Imperiali from approximately 60 investors, and sold a total of $2.5 million in Imperiali stock. He also allegedly hired a sales team to “cold call” potential investors. According to the Complaint, Imperato and his sales team distributed private-placement memorandums, which contained “numerous untrue and misleading statements,” to potential investors. These documents, the Complaint alleged, contained fictitious statements about Imperiali’s management, organization, and sales projections. “In documents distributed to investors and in reports filed with the Commission, Imperato, along with Fiscina and O’Donnel, portrayed Imperiali as a thriving, multinational corporation that owned multiple, valuable subsidiaries. In reality, Imperiali was just a shell corporation, having virtually no assets or operations. Its subsidiaries were worthless or, in some cases, even non-existent,” alleged the Complaint. The Complaint further alleged that the private-placement memorandums distributed to potential investors included statements that the stock-offering proceeds would be used to fund a business development company, which would then invest in other, promising companies. According to the Complaint, none of the stock-offering proceeds was used for this purpose. Instead, Imperato used the money to fund both his personal lifestyle and Imperiali’s operations. The SEC is seeking permanent injunctions and civil penalties from each defendant, as well as disgorgement with prejudgment interest against Imperiali and Imperato. The Commission further seeks an officer and director bar against Imperato and Fiscina. Fiscina has agreed to settle the charges against him, without admitting or denying the charges, according to a Jan. 11 litigation release.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Atlanta Office

945 East Paces Ferry Road, Suite 2275
Atlanta, GA 30326
Columbus Office

305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram