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Brief
The United States Securities and Exchange Commission (SEC) secured judgments against defendants Joseph M. Laura and Anthony R. Sichenzio, ordering them to pay over $8 million for their roles in an offering fraud scheme that defrauded approximately 80 investors. The SEC's complaint alleged that Laura and Sichenzio misappropriated investor funds through sales of securities in a company with false claims of exclusive rights to crude oil processing technology. The judgments against Laura and Sichenzio conclude the litigation, marking significant enforcement action by the SEC. Important compliance considerations include the antifraud provisions of Sections 17(a) and 10(b), as well as the unregistered broker-dealer provision of Section 15(a)(1).
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