SEC Shuts Down Another Scheme Preying On Elderly

For the second time this month, the Securities and Exchange Commission has gone to court to freeze the assets of a firm that allegedly preyed on elderly investors with false promises. Two weeks after shutting down Californian Jon James’ $22 million scheme that targeted the elderly, the SEC is charging New York-based One Wall Street with attracting $1.6 million from 64 mostly elderly investors with the promise from CEO Donte Jarvis that his firm would be merging with E*Trade Financial Corp. Instead, Jarvis is accused of using the money he collected as a “personal piggy bank,” according to the SEC. One Wall Street had allegedly been selling unregistered securities for nearly 3½ years.