MA Man Sentenced To Prison for Securities Fraud Scheme

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A man from Massachusetts’ North Shore has been sentenced to five years in prison after pleading guiltry to conspiring to commit securities fraud, defraud company auditors, commit identity theft, and making false statements to the U.S. Securities & Exchange Commission.

Now Forty-eight-year-old Jon R. Latorella began operating his securities fraud scheme in 2001 with Locateplus Holdings Corporation, the company he presided over as president and CEO at the time. Along with another company employee he initiated a number of deceptive and fraudulent schemes to artificially inflate the company’s assets and revenues, including the fabrication of a loan transaction with a fake company called Andover Secure Resources that used the name of a man who had passed away in 1985. The transaction was done to make it appear that Andover was paying down a fictitious debt to Locateplus.

Latoralla also falsified revenue streams using a fake contract so it would look like another company, Omni Data Services, was paying the company. He also deceived the SEC on numerous occasions and used the names of his girlfriends, aquaintences, dead men, and other investors so he could avoid registering securities that were sold by a company called Paradigm Tactical

Lastly, he also lied to the SEC about Locateplus’ revenues and assets so he could keep running his securities fraud scheme.

Following his five years in prison, Latorella will undergo three years of supervised release pay restitution to his victims.

If you or a loved one has fallen victim to a securities fraud scam, call Sokolove Law today to learn more about possibly pursuing a securities fraud lawsuit. For legal help, call (800) 581-6358.