SEC v. Henry Paul Regan, Jr.

Henry Paul Regan, Jr. allegedly defrauded hundreds of U.S.-based investors out of more than $63 million. According to the complaint, Regan solicited investors through selling promissory notes and partnership interests in companies affiliated with him and claimed he would pay returns from profits. In reality, Regan allegedly used most of the funds to make Ponzi-like payments to earlier investors, pay commissions to his network of salespeople, and wire funds to dozens of international companies.

Summary generated from official Securities and Exchange Commission press release