Seattle Investment Professional Guilty of Fraud
Jose Nino De Guzman, a Seattle investmnet professional, pled guilty of fraud in connectin with a real estate investment program he created and promoted to investors in Washington state and elsewhere.
De Guzman established and managed NDG Investment Group, a real estate investment firm that promoted real estate investment opportunities in Peru, according to court documents reviewed by securities attorneys Jason Kane and Joe Peiffer.
Between 2006 and 2009, De Guzman raised over $30 million from more than 200 investors, according to records reviewed by attorneys Kane and Peiffer. However, the investors’ money was not invested as promised, according to the federal attorneys’ complaint in De Guzman’s criminal case.
De Guzman’s sentencing is scheduled on November 1, 2013, before U.S. District Judge Robert S. Lasnik. The government prosecutors will recommend a sentence of more than 12 years of prison.
A Seattle law firm has been sued by De Guzman investors for its alleged role in the NDG Investment Group fraud. The firm denied the allegations and the case is pending.
Evidence reviewed by attorneys Jason Kane and Joe Peiffer indicates De Guzman’s securities offering in connection with his real estate investment program was neither registered nor exempt from registration. Attorneys Kane and Peiffer have determined the NDG Investment Group securities were promoted with assistance from a number of salesmen.
“Securities industry participants have a duty to adequately supervise their stockbrokers and prevent them from selling unregistered, non-exempt investments to the public,” said attorney Joe Peiffer.
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