SEC Charges Leonard Vincent Lombardo in Real Estate Scheme
The Securities and Exchange Commission (SEC) recently brought suit against former Stratton Oakmont broker Leonard Vincent Lombardo, his company The Leonard Vincent Group, and his business partner and company CFO Brian Hudlin, for their alleged participation in a multi-million dollar real estate scheme.
According to the SEC’s complaint, Mr. Lombardo and Mr. Hudlin used high-pressure sales tactics to steal nearly $6 million from over 100 retirees and other investors by claiming that they were investing the money in distressed real estate. They also told several investors that their investments had increased more than 50 percent in just a few months, when there were no actual earnings.
Mr. Lombardo and Mr. Hudlin allegedly stole more than $6 million from investors.
Unfortunately for the investors, Mr. Lombardo and Mr. Hudlin invested only a small fraction of the $6 million raised from investors in real estate. Instead, they used a significant portion of investor money to fund personal business ventures, as well as to support their extravagant lifestyles filled with fancy cars, boats, and tanning salons.
Mr. Lombardo, his company The Leonard Vincent Group, and Mr. Hudlin have agreed to settle their SEC case for $5,878,729.41 in disgorgement, and Mr. Lombardo has pled guilty in a parallel criminal matter. Mr. Hudlin has also agreed to pay a $40,000 penalty, without admitting or denying the SEC’s allegations.
If you or someone you know has suffered losses in Mr. Lombardo’s and Mr. Hudlin’s scheme, the Morgan & Morgan Business Trial Group may be able to help. Backed by the resources of the largest Plaintiff’s law firm in the country, the Business Trial Group represents investors on a contingency-fee basis nationwide.
Schedule a free case review with our knowledgeable, experienced securities attorneys by calling (877) 599 3102 or submitting a case review form.