The US Securities and Exchange Commission has brought fraud charges against two men and their company, United Business Alliance, LLC, for allegedly running a prime bank investment scam. The regulator is seeking permanent injunctions, disgorgement of ill-gotten gains, prejudgment interest, and civil penalties.
According to the regulator’s complaint, between 10/2013 and 7/2015, George Frank Polera and Anthony Joseph Marino, through United Business Alliance, took part in a fraudulent prime bank scam, raising over $615k from 10 investors. The two men lacked the registration required to sell investments.
The two men, who are based in Las Vegas, and their company allegedly promised investors huge return rates, including 90% every two weeks for 40 weeks on one investment and 84% per year on one note. Investors were sold securities that were either promissory notes or investment contracts.