SEC Charges Soccer Club Owner with Fraud


The U.S. Securities and Exchange has stopped a British con artist. The SEC has charged a Florida-based British soccer club owner with fraud for scamming investors.

Thomas Anthony Guerriero, the CEO of City Football Club Inc. targeted investors by telling them the soccer club was a profitable business that had holdings in real estate and sports. Guerriero received $6 millions from investors for a business that was actually losing money.

From Wealth Management Blog:

As alleged in our complaint, Guerriero portrayed himself as one of the most powerful and influential CEOs in the history of Wall Street when he’s really a penny stock fraudster mixing lies and verbal threats to line his own pocket with money from unsuspecting investors,” Scott Friestad, associate director of the SEC Enforcement Division, said in a statement.

Guerriero, 39, previously worked as a broker at firms like J.P. Turner, Fordham Financial Management, and Reuven Enterprises Securities Division, where he was fired from in 2008. The firm was expelled from the industry by FINRA last September. His Series 7, 63, 66 and 24 licenses expired in 2010.

City Football Club’s assets have been frozen as a result of the fraud charges.


Photo by faungg’s photos via Flickr CC License

Share This Post

Recent Articles

Powered by WordPress · Designed by Theme Junkie
Facebook IconTwitter Icon