Mass. Man Charged With Defrauding Kenyan Investors
| By Ira Kantor, Boston Herald |
An administrative complaint names
Maina also allegedly used several websites as cover in pursuit of his schemes, Galvin said.
The complaint seeks an accounting of all proceeds received as a result of the improper conduct, remuneration to those who suffered losses as a result of the wrongdoing, and a dismantling of all websites and web content used to solicit investors, offer securities and offer investment advice, Galvin said. The complaint also asks for an administrative fine.
Maina, a Kenyan national, was registered to sell limited types of securities from 2006 to 2008, but was fired by two companies he worked for and is no longer registered to sell any security, Galvin said, adding Maina currently holds a license to sell insurance.
One investor cited in the complaint gave Maina
The complaint also charges that Maina began offering securities and investment advice in
The complaint added that many of the investors duped by Maina were Kenyan citizens who would not speak because Maina had allegedly threatened to reveal their immigration status to authorities.
When summoned by the Securities Division, Maina invoked the Fifth Amendment and refused to answer questions, Galvin said. In addition to his various companies and websites, Maina is known by several variants of his name, including
Maina could not be immediately reached for comment.
___
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| Source: | McClatchy-Tribune Information Services |
| Wordcount: | 391 |


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