Information for Harmed Investors in Alleged $102 Million Ponzi Scheme (SEC v. Santillo et al.)

The SEC recently announced that it filed civil charges and obtained an asset freeze against individuals and companies behind an alleged $102 million Ponzi scheme.

This webpage has been created to give investors relevant to that case (SEC v. Santillo et al., 18 CV 5491 (JGK) (S.D.N.Y.) ongoing information as the case proceeds in U.S. District Court for the Southern District of New York. 

As alleged in the SEC's complaint, the case regards investments in the following companies: First Nationle Solution, Percipience, United RL Capital Services, Boyles America, Middlebury Development Corporation, Lucian Development, and Torr LLC.  On June 19, 2018, the court, among other things, ordered that bank accounts controlled by the defendants be frozen.  The court has since ordered that the asset freeze continue. 

Because this case is in the early stages of litigation, the SEC staff cannot currently say what the result will be.  It is important to understand that harmed investors may not be able to recover money in every case.

But to better understand the process of recovering funds for harmed investors, the SEC has developed a page of resources for victims of securities law violations.  For example, the links include information about receiverships and a list of SEC enforcement actions where a distribution of money to harmed investors is occurring or may occur.

In the meantime, investors in First Nationle Solution, Percipience, United RL Capital Services, Boyles America, Middlebury Development Corporation, Lucian Development, or Torr LLC are asked to please send an email to firstnationle-info@sec.gov with the following information if not previously provided to the SEC:

• Name of the investor(s); current address; and address at the time the investment was made
• Name of the company (or companies), in which the investor(s) invested
• Amount invested
• Date(s) of the investment(s)

If the information is submitted by email, SEC staff will respond by email and acknowledge receipt, and will make further contact if further information is needed.  If it is not feasible to send the information by email, it can be mailed to:

Attn:  First Nationle Litigation Team
U.S. Securities and Exchange Commission
200 Vesey Street, Suite 400
New York, NY 10281   

To review possible legal remedies available, investors also may wish to consult a private attorney.  Here is some more information for investors who need help finding a lawyer.  

Investors also can visit the SEC's Investor.gov website for tips and information about investing wisely and avoiding fraud.