According to Public Opinion Online (http://www.publicopiniononline.com/ci_12848083), a Florida man is accused of cheating local Florida investors out of nearly $15 million and using the money to fund a life of luxury for himself and his wife.
The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission filed lawsuits in U.S. District Court in Harrisburg against Sean Nathan Healy, 38, of Weston, Fla.
The SEC said between May 2008 and February 2009, Chambersburg chiropractor Alfred Madeira and more than 40 of his friends, acquaintances and business associates gave about $15 million to Healy and his firm, Sand Dollar Investing Partners LLC.
The suits claim Healy never invested the money, but instead used it for daily living expenses and luxury items, including $1.9 million in luxury vehicles, about $1.4 million in jewelry, a $2.4 million house and more than $2 million in home furnishings and home improvements.
A U.S. district judge has issued an order freezing the assets of Healy and his wife, Shalese Rania Healy, 36.
Healy has also been found in contempt after selling two cars, a violation of a previous court order.
Madeira and Healy had known each other since 2000, when Healy was working for a securities brokerage firm in New York. After losing touch for several years, Healy contacted Madeira in spring 2008 and convinced him to invest.
According to the SEC, Healy repeatedly said the investments were doing well but then in March said he would not be distributing any profits. To date, there have been no distributions, and less than 10 percent of the principal provided by investors has been returned.
When he was questioned about his trading, he allegedly provided fake documents to the U.S. Attorney’s office.
Apparently, rather than investing the money contributed by Madeira and others, the Healys leased a garage to keep a fleet of exotic cars that included four Lamborghinis, three Ferraris, two Porsches, a Maserati, and a Bentley. Their $2.4 million seven-bedroom, 81/2-bathroom mansion near Fort Lauderdale used to belong to retired professional football player Bernie Kosar.
Healy has obtained as much as $20 million from about 50 investors since 2005, according to the SEC. He allegedly used about $1 million to pay previous investors.
It does not appear that any criminal charges have been filed against Healy as of yet.
If you believe that you may have a securities fraud claim involving your investment in Sand Dollar Investing Partners, LLC, or if you believe that you have been the victim of another similar securities fraud, The White Law Group may be able to help. To speak to a securities attorney, please call our Chicago office at 312-238-9650.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.
To learn more about The White Law Group, visit http://www.whitesecuritieslaw.com.