SEC v. Adrian J. Kawuba

Adrian J. Kawuba allegedly raised approximately $2 million from investors in a fraudulent offering of securities and Ponzi scheme. According to the SEC, Kawuba promised investors they would receive returns of 25% to 50%. Kawuba allegedly used money from later investments to pay out on earlier investments, and he misappropriated investor money to pay for personal travel, to purchase a luxury automobile, and to buy tens of thousands of dollars' worth of designer goods.

Summary generated from official Securities and Exchange Commission press release