The Securities and Exchange Commission filed a complaint against George Elia and International Consultants & Investment Group. In the suit filed in the U.S. District Court for the Southern District of Florida, the SEC alleges that, since 2005, Elia pulled in at least $11 million from investors by falsely claiming annual returns as high as 26 percent and that Elia transferred more than $2.5 million of investor funds to two entities he controlled, Elia Realty and 212 Entertainment Club.
A resident of Oakland Park, Elia told investors that he had extensive experience in day-trading stocks and exchange-traded funds, but his trading resulted in losses or only marginal gains, and the quarterly account statements he sent to clients overstated their returns, the SEC alleged.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
