A former Primesolutions Securities, Inc. and Merrill Lynch, Jerry Cicolani, Jr. was recently issued an SEC Order instituting administrative proceedings.
The securities fraud lawyers at Meyer Wilson have represented multiple victims of Jerry Cicolani’s misconduct. We have been following this particular scheme closely and have posted multiple blogs in the past regarding Cicolani, as well as other individuals associated with this misconduct. Cicolani and others recommended his customers to invest in KGTA Petroleum, Ltd., which turned out to be nothing more than a Ponzi scheme. The misconduct was allegedly conducted by Cicolani, and a few other brokers, including Kelly Hood, both of whom have been issued SEC Orders for their involvement in the KGTA Ponzi scheme.
To learn more about the alleged Ponzi scheme, read our previous blogs:
- Update from Ohio Investment Fraud Attorney Representing Victims of KGTA Ponzi Scheme
- Criminal Charges Filed in Ohio Ponzi Scheme Against KGTA Principal Ken Grant
- Criminal Charges Filed Against Former Ohio Broker Jerry Cicolani in KGTA Ponzi Scheme
According the initial accusations by the SEC, Cicolani received roughly $5 million in commission fees. This came from 39 investor enlistments. These investors lost more than $7 million because of the investment in KGTA.
The SEC order calls for administrative proceedings in order to determine whether the allegations set forth are true, if any remedial action is necessary pursuant to Section 15(b) of the Exchange Act, and if any remedial action is necessary pursuant to Section 203(f) of the Advisers Act. At this point, Cicolani has already plead guilty to criminal charges stemming from his involvement in the Ponzi scheme, and FINRA has already banned him from working in the securities industry.
Meyer Wilson has been following this situation for quite some time and our securities fraud attorneys are dedicated to helping investors recover their losses if they invested in the KGTA Ponzi scheme. Call us today for your free case evaluation.