Photo: Wikimedia Commons
The SEC is suing Jody Dunn, a deaf 43-year-old Texas man who is currently unemployed and receives social security disability insurance, for allegedly duping more than 7,000 deaf investors out of $3.45 million before regulators stopped him last year.In the complaint, the SEC claims Dunn told people he would invest their money with Imperia Invest IBC, an Internet-based firm that claimed to guarantee returns of 1.2% a day.
“Approximately 7,133 deaf investors sent money to Dunn, who represented that he would invest in Imperia on their behalf,” the commission said in its complaint (Download PDF).
Instead, the SEC says Dunn took $353,068 –more than 10% of the investors’ funds– to pay his mortgage, make car payments, pay for car insurance and a variety of other personal expenses. The rest he sent to Imperia’s offshore bank accounts.
In October of 2010, the SEC issued a court order to freeze Imperia’s assets and charged the firm with fraud.
Here’s a video that appears to be from an angry investor called “Imperia Invest die!!!!!”
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