Outline of Recent SEC Enforcement Actions - the Utah State Bar

thereunder. The SEC is seeking permanent injunctive relief, disgorgement of ill-gotten gains
with prejudgment interest, and civil monetary penalties.
SEC v. FTC Capital Markets, Inc., FTC Emerging Markets, Inc. also d/b/a FTC Group,
Guillermo David Clamens and Lina Lopez a/k/a Nazly Cucunuba Lopez
Lit. Rel. No. 21052 (May 20, 2009)
http://www.sec.gov/litigation/litreleases/2009/lr21052.htm
On May 19, 2009, the SEC filed a civil injunctive action charging Guillermo David
Clamens, FTC Capital Markets, Inc., a registered broker-dealer he controls, ("FTC"), and others,
with a fraudulent scheme to engage in tens of millions of dollars of unauthorized securities
trading. The defendants defrauded FTC's customers in part to conceal their prior fraudulent sale
of $50 million in non-existent notes to a Venezuelan bank through another Clamens-controlled
entity, Emerging Markets. When the fictitious notes held by the Venezuelan bank purportedly
came due in August 2008, Clamens misappropriated $50 million from FTC's customers to fund
the redemption.
The Complaint alleges that, in furtherance of their Ponzi-like scheme, Clamens, assisted
by Lopez, knowingly caused FTC to make unauthorized purchases of securities for the two
customers’ FTC accounts, knowingly prepared and sent the customers false account statements
that omitted the unauthorized securities trades and falsely listed holdings exclusively in shortterm,
low-risk, liquid investments of the type that the customers authorized FTC to make on its
behalf but which were not made. In addition, Clamens and Lopez caused the Venezuelan bank to
receive statements for its account falsely stating that it held the $50 million in (fictitious) notes.
As a result of this conduct, the Complaint alleges that defendants FTC, Emerging
Markets, Clamens and Lopez violated Section 17(a) of the Securities Act of 1933 ("Securities
Act"), Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5
thereunder; defendant FTC violated Section 15(c) of the Exchange Act; defendant Emerging
Markets violated Section 15(a) of the Exchange Act; and defendants Clamens and Lopez aided
and abetted FTC's violations of Exchange Act Section 15(c) and Emerging Markets' violations of
Exchange Act Section 15(a). In its Complaint, the SEC seeks permanent injunctions,
disgorgement and prejudgment interest and civil penalties against all defendants.
SEC v. Gerald P. Alexander, CJB Consulting, Inc., and Regis Filia Holdings, Inc.
Lit. Rel. No. 20973 (March 25, 2009)
http://sec.gov/litigation/litreleases/2009/lr20973.htm
On March 25, 2009, the SEC filed a civil complaint against Gerald P. Alexander, a
resident of Alpharetta, Georgia, and two corporations that Alexander controls, alleging that they
engaged in multiple unregistered stock distributions and acted as unregistered securities dealers.
According to the complaint, the defendants purchased stock from thirteen issuers over a
two year period and then sold the stock through brokerage accounts without registration
statements having been filed or in effect as to the sales. The complaint alleges that these
activities constituted a scheme to evade the registration provisions of the federal securities laws,
48