MIAMI (Legal Newsline) – The Securities and Exchange Commission (SEC) is suing Deerfield Beach, Florida-based Oxford City Football Club (OXFC) over alleged penny stock fraud.
The SEC filed a lawsuit Dec. 10 in the U.S. District Court for the Southern District of Florida against OXFC, Thomas Anthony Guerriero and GCE Wealth, alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934.
The suit claims that from at least Augst 2013 to the present, Guerriero, CEO of OXFC and owner of GCE, operated a "boiler room" out of which the defendants sold millions of shares of illegal, unregistered offerings through fraudulent practices designed to deceive investors regarding the value of the stock they were purchasing and the future profits they could realize.
The defendants fraudulently raised more than $6.5 million from more than 150 inexperienced investors over the course of approximately 18 months, according to the suit.
The suit claims Guerriero has also gained from the transfer of at least $2.2 million to bank accounts owned by GCE, which he owns and controls.
The SEC states Guerriero's solicitations remain ongoing.
The SEC seeks a temporary restraining order, preliminary injunction, permanent injunction, asset freeze, an order enjoining securities solicitations, disgorgement, penalties and other relief. The plaintiff is represented by attorneys Matthew F. Scarlato, Dean M. Conway, Scott W. Friestad, Brian O. Quinn, Darren E. Long, and Brian D. Vann of the SEC in Washington, D.C.
U.S. District Court for the Southern District of Florida Case number 0:15-CV-62594-KMW