Final Judgment Entered Against Connecticut Man Who Misappropriated Over $1 Million From Vulnerable Investors (SEC Litigation Release)

The SEC announced that the US District Court for the District of Connecticut entered a final judgment by default against Florin S. Ilovici, formerly of Avon, Connecticut. The CFTC's action against Ilovici was originally filed in June 2011 and charged that, starting as early as 2008, Ilovici made material misrepresentations in raising over $1 million in investment funds from at least two elderly Connecticut women. The complaint alleged that, instead of investing these funds on their behalf as he promised, Ilovici transferred the investor funds to his personal bank and brokerage accounts where he either lost the funds in risky securities or foreign currency exchange trading or used the funds for personal expenses, including mortgage and credit card payments, travel, and home improvements, all without the knowledge or authorization of his investors. The complaint alleged that Ilovici's conduct violated Section 10(b) of the Securities Exchange Act and Rule 10b-5 thereunder.

View notice in full here (links externally to SEC website).