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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
INDICTMENT INVESTMENT MONEY DISTRICT SECURITIES COMMISSION MANAGER UNITED STATES FRAUD ALLEGES REPRESENTING FINANCIAL SERVICES VICTIMS DESIGN ASSET FREEZE RHODE ISLAND LULL BELIEVING RELATED PROCEEDING TEMPORARY RESTRAINING ORDER FEDERAL DISTRICT COURT PRIMA FACIE SHOWING ANTIFRAUD PROVISIONS FEDERAL SECURITIES LAWS HONORABLE RONALD LAGUEUX STATES DISTRICT JUDGE REQUEST PRELIMINARY INJUNCTION |
SECURITIES AND EXCHANGE COMMISSION
LITIGATION RELEASE NO. 17515 / May 14, 2002
MONEY MANAGER ALFRED M. LEMCKE INDICTED IN FRAUDULENT SCHEME TO
DEFRAUD CLIENTS
The Commission announced today that, on May 1, 2001, Alfred M. Lemcke
was indicted by a grand jury impaneled by the United States Attorney's
Office for the District of Massachusetts on 10 criminal charges,
including one count of criminal fraud under the Investment Advisers
Act of 1940 and nine counts of wire fraud. The indictment alleges that
Lemcke represented that he was in the business of providing investment
advice, financial management and related financial services to
individuals. The indictment further alleges that Lemcke induced his
victims to give him money by falsely representing that he would invest
the money in securities appropriate to their financial needs and
objectives through Individual Investment Portfolio Design Company,
which he described as a Chicago-based financial services company.
According to the indictment, Lemcke instead spent nearly all of the
money he raised for his own purposes while periodically providing his
victims with false account statements designed to lull them into
believing that their investments were doing well.
In an earlier related proceeding, the Commission obtained a temporary
restraining order and asset freeze against Lemcke in Rhode Island
federal district court on November 16, 2001, based on its prima facie
showing that Lemcke violated the antifraud provisions of the federal
securities laws when he engaged in the conduct described above. On
December 6, 2001, the Honorable Ronald R. Lagueux, United States
District Judge for the District of Rhode Island, granted the
Commission's request for a preliminary injunction and continued the
asset freeze against Lemcke.
For further information, please see (November 16, 2001).
_________________________________________________________________
Modified 05/15/2002
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