A Wyoming man was charged with 19 counts of securities violations for allegedly defrauding more than a dozen investors in the state for selling them promissory notes purportedly backed by life settlements, according to The Billings Gazette in Montana.
Ronald George Spomer Jr. has been charged with selling unregistered securities, engaging in fraudulent securities practices and failing to properly register as a broker, the newspaper reported.
The Wyoming investors were among 320 people who bought about $30 million worth of insurance-backed notes from National Life Settlements, a Houston company.
Texas securities regulators settled a lawsuit against the firm in September. Earlier this week, a Texas securities commissioner said investors will get back $19.8 million, or 69% of the money they invested in the company. Many of the investors were teachers and state retirees who put their retirement savings in the investment.
Source: News Story
