No announcement yet.

Woman Fined by SEC for Defrauding - Used Funds for Pet Grooming and Other Expenses

This is a sticky topic.
  • Filter
  • Time
  • Show
Clear All
new posts

  • Woman Fined by SEC for Defrauding - Used Funds for Pet Grooming and Other Expenses

    Funny how media picked grooming costs as an example of how she used the funds in addition to Vegas trips, rental housing, and personal expenses, and pet grooming.

    A former Colorado Springs resident and two companies she started have been ordered by a federal court to pay $36,000 to federal securities regulators in connection with charges that they defrauded more than 40 investors of $800,000.

    U.S. District Court Judge Charles Pannell Jr. of Atlanta ordered Heidi Ann Gamer, Gamer Economic Systems LLC of Colorado Springs and Gamer Media Partners Corp. of Atlanta to pay $1,000 a month for three years to the Securities and Exchange Commission under a settlement reached in November.

    Related: Colorado Springs insurer faces securities lawsuit by state
    The agency filed a lawsuit in 2014 against Gamer and her companies, charging they violated three sections of federal securities laws. Under the settlement, Gamer the companies neither admitted nor denied the allegations in the lawsuit.

    Gamer, who sold advertising for The Gazette and several other publications before moving to Atlanta, allegedly told investors who were family members, friends and people she met through a substance-abuse support program that the two companies would use their money to license, develop and market smartphone applications and other interactive technology for political and entertainment uses.

    Instead, she allegedly used the money for personal expenses, including trips to Las Vegas and Mexico, shopping, rental housing, pet grooming and other personal expenses.

    Pannell imposed a judgment totaling $148,244.31 against Gamer and her companies for the amount she received as a result of the securities laws violations, plus interest, but waived all but $36,000 based on financial statements she gave to the court in April. If she or the companies misses any payments, they will owe the entire amount.
    Coordinators post updates to the message for grooming events, members contests, Classified Ads, GroomerTALK Radio shows and Magazine online.