The Bottom Line of South Florida, Inc., Andres L. Pimstein, et al.

In October 2008, the SEC filed a civil complaint in the U.S. District Court for the Southern District of Florida charging Andres L. Pimstein, the Bottom Line of South Florida, Inc. and Summit Trading LLC with securities fraud for allegedly conducting a multi-million dollar Ponzi scheme between 2005 and 2008. For more information about the SEC’s action, you can read Litigation Release No. 20794 (Oct. 30, 2008).

The same day, the U.S. Attorney’s Office for the Southern District of Florida criminally charged Pimstein with wire fraud. For more information about the U.S. Attorney’s action, you can read its press release (Oct 30, 2008).

In December 2008, the Court entered orders in the SEC case, by consent, permanently enjoining Pimstein, the Bottom Line and Summit Trading from further violating the anti-fraud provisions of the federal securities law, while leaving open the amount of disgorgement, prejudgment interest and civil money penalties. 

In January 2009, Pimstein pled guilty to one count of wire fraud in the criminal case. A sentencing hearing in the criminal case is scheduled for March 20, 2009. At the sentencing hearing, the U.S. Attorney’s Office is expected to seek a sentence of imprisonment, as well as a restitution order requiring Pimstein to repay the losses that his investors suffered in the fraud scheme. 

Investors who received a letter from the U.S. Attorney notifying them of the sentencing hearing can learn about the status of the criminal case and supply the U.S. Attorney with information about their investments by accessing the U.S. Attorney’s Victim Notification System website at www.notify.usdoj.gov and entering the VIN and PIN numbers they were provided in the sentencing notices. 

Investors who have not received a sentencing notice from the U.S. Attorney should contact the Federal Bureau of Investigation by calling Special Agents Paul Blomer or Brad Barton at (305) 944-9101 or by e-mailing them at paul.blomer@ic.fbi.gov or brad.barton@ic.fbi.gov.

http://www.sec.gov/divisions/enforce/claims/bottomline.htm