SEC Obtains Final Judgment Against Individual Who Defrauded New Jersey Investors

On May 17, 2023, the U.S. District Court for the Southern District of New York entered a final consent judgment against Sam A. Antar, who the SEC previously charged with defrauding investors, many of whom were his friends and acquaintances in a Syrian Jewish community in New Jersey.

The SEC’s s complaint, alleged that Antar, of New York, New York, engaged in a fraudulent scheme that deceived numerous investors out of more than $550,000 while claiming he would invest in shares of companies that were not yet public, and then sell those shares to already-identified buyers for a premium in a short period of time. In reality, according to the complaint, Antar never used investor funds to purchase shares of emerging companies, or to make any other investment. Instead, Antar spent investor funds gambling, making gifts to family members, paying for his daughter’s wedding, and making Ponzi-like payments to some early investors.

Source: SEC Obtains Final Judgment Against Individual Who Defrauded New Jersey Investors