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MIAMI - A Boca Raton man accused of running a network of businesses built on lies pleaded guilty Friday to a mail fraud charge arising from an undercover FBI operation.
Edward Laborio, the founder of Envit Capital Group, admitted to participating in a "pay-to-play scheme" in which he offered illegal kickbacks to someone he believed was the manager of a pension fund, according to court documents. It turned out to be a FBI sting targeting small business owners willing to engage in shady stock trading practices.
Laborio's plea in Miami federal court came as he faces charges in Boston that he defrauded investors of Envit Capital Group and business entities associated with Envit. In addition, the U.S. Securities and Exchange Commission (SEC) is suing him, accusing him of duping investors into buying more than $5.7 million of stock in his companies.
The SEC alleges Laborio, 33, used investors' funds to cut $340,000 in checks to himself, spend $100,000 at casinos and cover personal expenses such as video store rentals, restaurant meals and pharmacy bills, court records show.
Matthew k lazar -http://www.sec.gov/litigation/admin/2013/34-71043.pdf.
Thanks. Been wondering what happened with this.
Matt lazar is a crook as well. Google him and check out his very, very short time in the financial industry.
A hearing before Judge F. Saylor is scheduled on May 27, 2014, 10:00 AM at Courtroom 2, John Joseph Moakley Courthouse, 1 Courthouse Way, Boston, MA for the case which involves defendant(s) Edward Laborio . The purpose of this hearing is for the defendant(s) to enter a plea of guilty.
A hearing before Judge F. Saylor is scheduled on May 27, 2014, 10:00 AM at Courtroom 2, John Joseph Moakley Courthouse, 1 Courthouse Way, Boston, MA for the case which involves defendant(s) Edward Laborio . The purpose of this hearing is for the defendant(s) to enter a plea of guilty.
Edward Laborio and Jonathan Fraiman are CROOKS! Let us not forget.
The status hearing previously scheduled for defendant(s) Edward Laborio on March 6, 2014, 03:15 PM at Courtroom 2, John Joseph Moakley Courthouse, 1 Courthouse Way, Boston, MA has been rescheduled by the court.
A status hearing is scheduled before Judge F. Saylor for March 6, 2014, 10:45 AM at Courtroom 2, John Joseph Moakley Courthouse, 1 Courthouse Way, Boston, MA for defendant(s) Edward Laborio . The purpose of this hearing is to determine if there are issues that the Court needs to address and to schedule any necessary future court dates.
THERE WAS A TRADE!!!
They're calling ECGP "grey market."
Jonathan Fraiman was BUSTED for being crooked with money and now he's licensed to provide mortgages? I think the legal system missed something there!
There are plenty of lenders out there, don't take a chance. It would be interesting to see his reaction is you were to mention "Envit." Please, let us know!
]Little help. Looking to do a re-fi on my home. Was contacted by a Jonathan Fraiman of Global Equity & The Fraiman Group. Does anyone know if this is the same Jonathan Fraiman from the Envit Group?
There appears to be an attempt by thirdsquare to to focus blame on someone other than Edward Laborio. Why would that be???
Lazar raised $585,000 from approximately 10 investors through the sale of a PIPE (private investment in public equity) in Envit Group (one of the five unregistered securities offerings) by misrepresenting that the PIPE guaranteed an annual 8.5% dividend, and that it was safe, like a fixed annuity or a CD.
MATT LAZAR, I found that in the OHIO district civil court that you are being sewed and served by a guy by the name of Allen N., for damages and receiving sale commissions when you where not a registered representative.
(this is getting to be an open forum against LAZAR, he should probably bet his lawyer on the IHUB too.... LOL)
MATTHEW K. LAZAR CRD #(4419542) MATTHEW KENNETH LAZAR Not FINRA-Registered since 05/2008
MATTHEW KENNETH LAZAR (4419542) MATTHEW KENNETH LAZAR
- MATTHEW K. LAZAR Not FINRA-Registered since 05/2008
BrokerCheck Report
MATTHEW KENNETH LAZAR
Report #61018-85690, data current as of Saturday, February 01, 2014.
Section Title
Report Summary
Broker Qualifications
Registration and Employment History
Disclosure Events
CRD# 4419542
Regulatory events -1
Civil events -1
Customer Disputes -6
termination -1
Thats not a good record to have for only being in the business for 6yrs.
Ithica, you always forget about Matt Lazar.
On August 10, 2012, the Commission charged Laborio, Lazar and others with raising up to $5.7 million from more than 150 investors through the fraudulent sale of five unregistered offerings. As to Lazar in particular, the Complaint charged that from October through December 2008, Lazar raised $585,000 from 10 investors through the sale of a PIPE (private investment in a public equity) by misrepresenting that the PIPE guaranteed an annual 8.5% dividend and that it was safe, like a fixed annuity or a certificate of deposit. The Complaint alleged that Laborio hired Lazar in September 2008 to open an Ohio branch office operating under the name Envit Capital Private Wealth Management, LLC. Along with Laborio and Lazar, the Complaint charged Jonathan Fraiman, of Boston, Massachusetts and Lantana, Florida, along with seven entities, most with the name “Envit,” that were owned and controlled by Laborio, including a non-existent hedge fund.
On November 27, 2013, the Court entered a final judgment against Lazar: (i) permanently enjoining him from violating Section 17(a) of the Securities Act of 1933 (Securities Act); Sections 10(b) and 15(a)(1) of the Securities Exchange Act of 1934 (Exchange Act) and Rule 10b-5 thereunder; and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940 (Advisers Act); (ii) barring him for three years from participating in any offering of penny stock; (iii) finding him liable for disgorgement of $16,820.99 and prejudgment interest of $2,917.65, for a total of $19,738.64; and (iv) waiving payment of the disgorgement and prejudgment interest, and not imposing a civil penalty, based upon the representations in Lazar’s sworn statement of financial condition. Lazar agreed to settle the Commission’s charges without admitting or denying the allegations in the
You probably own this because you were scammed by Edward Laborio or Jonathan Fraiman.
New update from the court:
A status hearing is scheduled before Judge F. Saylor for March 6, 2014, 03:15 PM at Courtroom 2, John Joseph Moakley Courthouse, 1 Courthouse Way, Boston, MA for defendant(s) Edward Laborio . The purpose of this hearing is to determine if there are issues that the Court needs to address and to schedule any necessary future court dates.
,,,,,,,I FORGOT WHY I OWN THIS. OR HOW I EVEN CAME ABOUT IT IN MY PORFOLIO
Keeping you informed: A status hearing is scheduled before Judge F. Saylor for January 27, 2014, 10:00 AM at Courtroom 2, John Joseph Moakley Courthouse, 1 Courthouse Way, Boston, MA for defendant(s) Edward Laborio . The purpose of this hearing is to determine if there are issues that the Court needs to address and to schedule any necessary future court dates. Typically defendants do not attend status conferences. If you wish to confirm whether the defendant will be present for this status conference, call the Victim Assistance Staff at the number listed above.
I won't forget Jonathan Fraiman or Edward Laborio or Matt or Daniel Kinney or...
There were no honest answers and NEVER an explanation by management to stockholders.
Don't forget about Matt Lazar. Have you gone to Brokercheck to see his record. He is far from a good guy!
Re: United States v. Defendant(s) Edward Laborio
Case Number 2009R00283 and Court Docket Number 12-CR-10238
A hearing before Judge F. Saylor is scheduled on January 15, 2014, 10:00 AM at Courtroom 2, John Joseph Moakley Courthouse, 1 Courthouse Way, Boston, MA for the case which involves defendant(s) Edward Laborio . The purpose of this hearing is for the defendant(s) to enter a plea of guilty.
Allow me to remind all of you: Edward Laborio and Jonathan Fraiman are CONVICTED CROOKS.
Edward Laborio and Jonathan Fraimann are STILL crooks. The SEC tagged them for being VERY naughty.
Let us not forget who the scammers are: Edward Laborio and Jonathan Fraimann. Remember the bumbs! Financial SCUM!
So, Jonathan Fraiman gets off without paying the penalties because of his signed and sworn statement of financial condition???? He is a LIAR and they take his sworn statement as true???? I think they should investigate where he hid anything he had.
You're quite welcome, Ithica. The SEC Filing is chock full of info.
THANK YOU for that info Renee.
ECGP: SEC Litigation:
http://www.sec.gov/litigation/litreleases/2013/lr22836.htm
This just in:
Charges have been filed against defendant(s) Edward Laborio. The lead prosecutor for this case is Vassili N. Thomadakis. The main charge is categorized as Securities Fraud. You may view the charges on the VNS web site at www.Notify.USDOJ.gov.
Has anybody checked with the SEC lately? I will not let Edward Laborio or Jonathan Fraiman rest!
EddyLaborio.com, edlaborio.com, eddielaborio.com, laborio.net, etc., etc. are ALL websites used to pass by the CROOKED THIEFS that Ed Laborio and Jonathan Fraiman are.
Memorial Day: let's remember that Jonathan Fraimann and Edward Laborio stole the money.
Have you seen this??? Ed Laborio is pawning himself off as a wonderful philanthropist! http://edwardlaborio.com/
He has developed several websites that search engines pick up BEFORE the sites that disparage him for his illegal activities. You have to look several pages into search results to find the BAD NEWS about Ed Laborio and Jonathan Fraiman. Laborio did plead guilty according to one site.
I know. I was just checking to see if anyone stays with this story.
Ithica, it's trading on the grays! it could be up 2000% and I still wouldn't get excited.
UP 900%!!!!!!!!!! It traded again today! Volume up over 100%!
Almost feels like something.
The stock traded today at $0.0005! It traded! 266 shares at .0005 = $0.10.
A low cost trade is $7.00
Good investment :)
Has anybody heard from the SEC regarding the ongoing case against the crooks? Any idea where to look for the current status?
Is ANYBODY still following these events???
I hope everyone has submitted their claim to the SEC. You may not get all (or any) of your money back, but it's still a good idea to submit the claim so that the SEC knows how bad and how many got screwed by the slimeballs: Jonathan Fraiman and Edward Laborio
When a class of shares is revoked, brokers are forbidden from trading it, and FINRA deletes the symbol. End of story, usually, but not here. I pinged SEC and FINRA on this years ago, but all I got was form letters saying that everything was done according the 'rules'. My conclusion?: Administrative foul-up at FINRA combined with another at SEC...because, while the final order happened, it was not posted to their litigation list here: http://www.sec.gov/litigation/admin/adminarchive/adminarc2009.shtml
....which is apparently what FINRA keys off of.
Only the initial decision is there. Normally, final decisions are also posted there, obviously.
It's so strange. I think the SEC just did not do what they where supposed (surprise) to do by fully De-Listing the company after it was suspended for 7 days. They went through with the administrative proceeding to de-list it but they never actually pulled it.
There are no court dates its a administrative proceeding which means that a magistrate judge rules on any motions from his office. They don't actually go to court. Everything gets submitted to the judge from either side and the Judge rules on it administratively. Last time I looked Lazar was representing himself (Pro Se) and he got an extension to answer the complaint in Civil Court. The CEO and Fraiman both answered the complaint already.
How is this POS still trading? It was revoked after all.
Does anybody know how to find out court dates for this mess?
It is very likely that I will never see a dime. Correct. Fortunately, the SEC will squeeze these guys thru a wringer for a while, and make them crawl under rocks to keep out of our sight. The way they handled the whole situation may cause them to look over their shoulders for a LONG LONG time.
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