Brokerage Firm Head Charged With $22 Million Investment Fraud – US Legal Newswire

LawFuel.com – Law Newswire Service –
PREET BHARARA, the United States Attorney for the
Southern District of New York, announced that a federal grand
jury returned an Indictment today against GUILLERMO A. CLAMENS,
the Chairman of New York-based brokerage firm FTC Capital
Markets, charging him with conspiracy, securities fraud and wire
fraud stemming from an alleged $22 million investment fraud.
According to the Indictment filed today and the Complaint
previously filed on May 19, 2009, in Manhattan federal court:
From at least April 2008 through November 2008, CLAMENS
solicited funds from two institutional investors and promised to
place their money in safe, adequately liquid, short-term
investments. As a result, the victim institutional investors
deposited approximately $1.5 billion into the accounts managed by
CLAMENS. CLAMENS, and others acting at his direction, made
repeated misrepresentations that the investor funds had been
invested as promised, and misappropriated the funds to make
unauthorized purchases of high risk securities — including bonds
issued by an affiliate of FTC Capital Markets. To conceal the
fraud, CLAMENS and others acting at his direction sent fictitious
account statements showing that safe, low-risk, investments had
been made in those accounts. The two institutional investors
lost approximately $22 million as a result of the scheme, which
began to unravel when CLAMENS and NAZLY CUCUNUBA LOPEZ, a/k/a
“Lina Lopez” — then the Operations Manager of FTC Capital
Markets — were unable to fully comply with the investors’
requests for the return of certain funds.

On October 16, 2009, CUCUNUBA LOPEZ, 33, of Miami,
Florida, pleaded guilty in Manhattan federal court before United
States District Judge ROBERT P. PATTERSON to conspiracy and
securities fraud charges in connection with her role in the
scheme orchestrated by CLAMENS.
CLAMENS 46, of New York, New York, is charged in the
Indictment with one count of conspiracy to commit securities
fraud and wire fraud, one count of securities fraud, and one
count of wire fraud. The conspiracy count carries a maximum
sentence of 5 years in prison and a maximum fine of $250,000, or
twice the gross gain or loss from the offense; the securities
fraud count carries a maximum sentence of 20 years in prison and
a maximum fine of $5 million, or twice the gross gain or loss
from the offense; the wire fraud count carries a maximum sentence
of 20 years in prison and a maximum fine of $250,000, or twice
the gross gain or loss from the offense. In addition, the
Indictment seeks to forfeit $1.5 billion.
The case was assigned to United States District Judge
COLLEEN McMAHON.

CLAMENS remains at large.
Mr. BHARARA praised the investigative work of the
United States Postal Inspection Service in this case, and thanked
the United States Securities and Exchange Commission for their
assistance. He added that the investigation is continuing.
Assistant United States Attorneys JOHN J. O’DONNELL,
ANTONIA M. APPS, and JEFFREY ALBERTS are in charge of the
prosecution.
The charges contained in the Indictment are merely
accusations, and the defendant is presumed innocent unless and
until proven guilty.
09-338 ###

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