U.S. Securities & Exchange Commission
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U.S. Securities and Exchange Commission

SEC Charges Gen-See Capital Corporation and Richard S. Piccoli


The SEC has obtained a court order immediately freezing the assets of Gen-See Capital Corporation and Richard S. Piccoli. The SEC must next prove the allegations against the defendants in a court trial unless the matter is resolved by settlement or otherwise. The court has not yet set a trial date, and depositions of witnesses to learn all the facts usually take several months or longer.

In cases where the SEC prevails in court and obtains a judgment to recover money for investors from the defendants, frozen assets could be applied to satisfy the judgment debt of the defendants. It is not yet known how much money, if any, will be recovered in this case. If the assets ultimately collected are sufficient for a practical and economically feasible distribution of funds to investors, a distribution agent may be appointed by the court to conduct a distribution. No funds can be distributed to investors unless and until the court approves a distribution plan.

Harmed investors may call the U.S. Postal Inspection Service hotline at 716-853-5344 to leave their contact information, and should continue to check this page periodically for additional litigation releases announcing developments in this case.



Modified: 01/09/2009