Thursday, March 19, 2015

SEC Orders Texas Based Robert J. Andres To Pay $3.2M

Robert J. Andres was suspended from appearing or practicing law before the SEC due to his part in a ponzi scheme.

Quick Summary: An ex-attorney in the state of Texas, Andres was previously charged and convicted of a felony in December. Andres used new investor funds to pay earlier investors and admitted to using $2.2 million of those funds for his own personal use.  He also invested $1.2 million in unauthorized investment schemes.

Penalty: Andres was sentenced to 56 months in prison and 3 years of probation. He is also ordered to pay restitution in the amount of $3.2 million.

To read the original order click here.
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