SEC Charges Additional Unregistered Broker Who Sold $8.5 Million in 1 Global Securities to Retail Investors

(HedgeCo.Net) The Securities and Exchange Commission has announced charges against an additional individual for unlawfully selling securities of 1 Global Capital, LLC, a South Florida merchant cash advance company, to retail investors. The SEC previously charged 1 Global, its owner, and others with operating a fraudulent scheme to misappropriate millions of dollars from at least 3,600 investors. The SEC also previously charged eight of 1 Global’s top sales agents, for various registration violations.

The SEC’s complaint alleges that the defendant, John W. Fisher, was among 1 Global’s top revenue producers, selling more than $8.5 million of 1 Global’s unregistered securities to numerous investors. According to the complaint, Fisher marketed 1 Global securities to investors as a safe and secure alternative to the stock market, baselessly claimed that the investments would achieve high single-digit or low double-digit annual returns, and earned $329,000 in commissions on his sales, even though he was not registered as broker-dealer or associated with a registered broker-dealer.

The SEC charged Fisher with violations of the securities registration provisions of Sections 5(a) and 5(c) of the Securities Act of 1933 and the broker-dealer registration provisions of Section 15(a)(1) of the Securities Exchange Act of 1934. In its litigated complaint against Fisher, the SEC is seeking an injunction, disgorgement of allegedly ill-gotten gains with interest, and a civil penalty.

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