SEC Charges Witness for Lying l Securities Lawyer 101

Securities Lawyer 101 Blog

On May 30, 2013, the Securities and Exchange Commission (the “SEC”) announced Robert J. Vitale, the subject of an SEC enforcement inquiry plead guilty to criminal charges by the Justice Department for obstructing justice and lying to SEC attorneys investigating a real estate securities offerings to investors.

According to the criminal information filed in the U.S. District Court for the Southern District of Florida, the SEC issued subpoenas to Vitale and his company Realty Acquisitions & Trust in connection with its securities offering. In connection with the investigation, the SEC investigators subpoenaed Vitale for all related bank records and took his testimony under oath.

According to the criminal information, Vitale lied about the existence of two bank accounts during his testimony in response to the SEC subpoena. Days before his SEC testimony, Vitale allegedly deposited $100,000 into a bank account he controlled yet failed to disclose in his sworn testimony.

SEC charges were not new to Vitale, who had previously been charged several years ago for participating in a pump-and-dump market scheme. As a result of the earlier action, Vitale was barred from from association with a broker-dealer.

Andrew J. Ceresney, Co-Director of the SEC’s Division of Enforcement stated, “Lying to SEC investigators is a violation of the public trust placed in us by America’s investors as well as a violation of criminal law…Those who obstruct SEC investigations should realize they will ultimately be held accountable by criminal authorities who work so closely with us to rid the markets of securities law violators, particularly repeat offenders like Vitale.”

Vitale pled guilty to a two-count information charging him with obstructing the SEC investigation in violation of 18 U.S.C. § 1505 and perjury in violation of 18 U.S.C. § 1621. Vitale has not yet been sentenced.

For further information about this securities law blog post, please contact Brenda Hamilton, Securities Attorney at 101 Plaza Real S, Suite 202 N, Boca Raton Florida, (561) 416-8956, by email at info@securitieslawyer101.com or visit www.securitieslawyer101.com.   This securities law blog post is provided as a general informational service to clients and friends of Hamilton & Associates Law Group and should not be construed as, and does not constitute, legal and compliance advice on any specific matter, nor does this message create an attorney-client relationship. For more information about going public and the rules and regulations affecting the use of Rule 144, Form 8K, crowdfunding, FINRA Rule 6490Rule 506 private placement offerings and memorandums, Regulation A, Rule 504 offerings, SEC reporting requirements, SEC registration statements on Form S-1 IPO’s, OTC Pink Sheet listings, Form 10 OTCBB and OTC Markets disclosure requirements, DTC Chills, Global Locks, reverse mergers, public shells, direct public offerings and direct public offerings please contact Hamilton and Associates at (561) 416-8956 or info@securitieslawyer101.com. Please note that the prior results discussed herein do not guarantee similar outcomes.

Hamilton & Associates | Securities Lawyers
Brenda Hamilton, Securities Attorney
101 Plaza Real South, Suite 202 North
Boca Raton, Florida 33432
Telephone: (561) 416-8956
Facsimile: (561) 416-2855
www.SecuritiesLawyer101.com

 

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