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ARTICLE · 15 SEPTEMBER 2010

A Compilation of Enforcement and Non-Enforcement Actions - September 2010

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A New Jersey investment adviser and her various related firms entered into a settlement agreement with the SEC involving the operation of a multi-million dollar investment fraud, primarily targeting elderly and unsophisticated investors (SEC v. Venetis, D. N.J., No. 10-CV-4493, 9/2/10).

United StatesFinance and Banking
Peter Fetzer
Peter Fetzer
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Enforcement Matters

Investment Adviser Agrees to Sanctions Regarding Investment Scam

A New Jersey investment adviser and her various related firms entered into a settlement agreement with the SEC involving the operation of a multi-million dollar investment fraud, primarily targeting elderly and unsophisticated investors (SEC v. Venetis, D. N.J., No. 10-CV-4493, 9/2/10).

According to the SEC's complaint, Sandra Venetis and her three firms, Systematic Financial, Systematic Financial Services LLC, and Systematic Financial Services, Inc., obtained at least $11 million from investors starting in 1997 to supposedly invest in promissory notes and fixed-income investments. Ms. Venetis told investors that the notes were federally guaranteed and would earn annual tax-free interest of six to 11 percent. However, instead of investing in such notes, Ms. Venetis used the funds to pay personal debts.

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