Final Judgment Entered Against Connecticut Man Charged with Over $1m from Vulnerable Investors

July 10, 2012 /

The United States District Court for the District of Connecticut entered a final judgment by default against Florin S. Ilovici, formerly of Avon, Connecticut.

The SEC’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 who lived alone, had little or no family, and had health problems.

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 final judgment also ordered Ilovici to pay disgorgement in the amount of $1,094,984.52, representing profits gained as a result of the conduct alleged in the complaint, plus pre-judgment interest on the disgorgement in the amount of $54,935.50, and a civil penalty in the amount of $900,000.00.

The complaint also named Ilovici’s wife, Diana Ilovici, as a relief defendant, as to whom the judgment requires a payment of $30,196.93 in unjust enrichment because she received proceeds of the conduct alleged in the complaint.

 

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