Prestige Global Trading, Ltd., Diversified Initiatives Consulting & Logistics and Sienna Business Group, Inc. – SEC Charges with Fraud | Goodman & Nekvasil P.A. May Recover Investor Losses
Prestige Global Trading, Ltd., Diversified Initiatives Consulting & Logistics and Sienna Business Group, Inc. Charged with Fraud
On June 4, 2019, the Securities and Exchange Commission charged Peter Baker, of Lawrenceville, Georgia, and Elizabeth Oharriz, of Miami Shores, Florida, and their companies:
- Prestige Global Trading, Ltd.
- Diversified Initiatives Consulting & Logistics
- Sienna Business Group, Inc.
with orchestrating a prime bank investment scheme and stealing over $2.2 million from investors.
The SEC’s complaint alleges that, from 2013 through 2017, Baker and Oharriz engaged in a scheme to sell fictitious prime bank instruments that raised over $2.3 million from unwitting investors. According to the SEC’s complaint, Baker and Oharriz allegedly falsely told investors that their funds would be used to obtain instruments issued by well-known commercial banks and promised investors astronomical profits. The SEC further alleges that Baker and Oharriz falsely promised investors that they would return any advance payments the investors made if Baker and Oharriz could not secure these instruments. Contrary to their representations, however, Baker and Oharriz allegedly misappropriated substantially all of the funds invested, using them for their own personal expenses or transferring them to third parties. As alleged in the SEC’s complaint, to prevent investors from uncovering their fraud, Baker and Oharriz gave investors fabricated bank instruments and other supporting documents.
The SEC’s complaint charges Baker, Oharriz, and their companies, Prestige Global Trading, Ltd., Diversified Initiatives Consulting & Logistics, Inc., and Sienna Business Group, Inc., with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 10b-5 thereunder and Baker and Oharriz with also violating the broker-dealer registration provisions of Section 15(a) of the Exchange Act. The SEC seeks permanent injunctions, disgorgement plus prejudgment interest, and civil penalties. Oharriz, Sienna, and Diversified have agreed to a bifurcated settlement where they will be permanently enjoined from violations of the charged provisions. Monetary relief will be determined by the court upon motion of the SEC. The settlement is subject to court approval.
Investors in Prestige Global Trading, Ltd., Diversified Initiatives Consulting & Logistics, Inc., and/or Sienna Business Group, Inc. May Recover their Losses with Goodman & Nekvasil, P.A.
If you invested in Prestige Global Trading, Ltd., Diversified Initiatives Consulting & Logistics, Inc., and/or Sienna Business Group, Inc. Goodman & Nekvasil, P.A. may help you. Goodman & Nekvasil, P.A., a Clearwater, Florida, law firm with a national practice representing victimized investors, has recovered more than $180 million dollars on behalf of victimized investors.
All our cases are handled on a purely contingency fee basis by Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA. Kalju Nekvasil, Esq. has practiced in this area of the law for more than 35 years.
There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
If you incurred investment losses in Prestige Global Trading, Ltd., Diversified Initiatives Consulting & Logistics, Inc., and/or Sienna Business Group, Inc. and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
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