SEC: WF insurance agent complicit in $4.6 M fraud scheme
The commission filed a complaint in the
The complaint states Collins lured in elderly individuals and persuaded them to invest their savings in "high-yield, unsecured notes" with promised returns ranging from one to two years. Collins reportedly promised the 36 investors he would use their capital to grow his insurance business -- instead he used most of the money to make mortgage and luxury car payments; for retail shopping; and payments to earlier investors.
Less than 2 percent of investors' money was used for its promised purpose, the complaint says.
Collins, 56, is a
In a settlement agreement, Collins consented to an injunction for two violations of Securities Act and one violation of the Exchange Act. He has agreed to pay
The agreement is subject to approval by the district court.
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