SEC v. Veros Partners, Inc., et al.
Case No. 15-cv-00659-JMS-MJD (S.D. Ind.)
On April 22, 2015, the Commission filed a complaint, which was amended on June 11, 2015, against Veros Partners, Inc. (“Veros”), Matthew D. Haab (“Haab”), Jeffrey B. Risinger (“Risinger”), Veros Farm Loan Holding LLC (“Veros Farm”), Tobin J. Senefeld (‘Senefeld”), Farm Growcap LLC (“Farm”), and Pincap LLC (“Pincap”) (collectively, “Defendants”), and Pin Financial LLC (“Relief Defendant”). The complaint alleged that, from 2013 to 2014, the Defendants violated federal securities laws by fraudulently raising at least $15 million from at least 80 investors in two separate farm loan offerings. See Amended Complaint.
As of July 3, 2017, Haab, Risinger, and Veros have settled. No payments have been received from Veros towards the $1,083,283.19 in disgorgement, prejudgment interest, and civil penalties. See Veros’ Final Judgment. Haab and Risinger have paid as ordered, a total of $283,640.00 in disgorgement. See Haab’s Final Judgment and Risinger’s Final Judgment.
On June 30, 2017, the Commission filed a motion to transfer the funds received from Haab and Risinger (“Settlement Funds”) to the court-appointed Receiver in this matter for distribution to harmed investors. See the Commission’s Motion.
On July 3, 2017, the Court entered an order approving the Commission’s motion to transfer the Settlement Funds to the Receiver for distribution to investors. See the Court’s Order.
On October 11, 2017, the Court entered a judgment as to Senefeld, which ordered disgorgement, prejudgment interest, and civil penalties to be paid, in amounts to be determined by the Court upon motion of the Commission. See Senefeld’s Judgment. On November 6, 2017, the Commission filed a motion seeking the Court to enter a final judgment against Senefeld ordering him to pay $698,818.29 in disgorgement, $94,538.36, and civil penalties as appropriate. See the Commission’s Motion. On November 29, 2017, Senefeld filed a response in opposition to the Commission’s motion. See Senefeld’s Opposition. On December 12, 2017, the Commission filed a reply to Senefeld’s opposition in support of its motion for disgorgement, prejudgment interest, and civil penalties. See the Commission’s Reply.
On February 6, 2018, pursuant to his consent and without admitting or denying the allegations against him, the Court entered a Final Judgment as to Senefeld. Senefeld was ordered to pay a total of $843,356.65 in disgorgement, prejudgment interest, and penalties. See Senefeld’s Final Judgment.
Litigation is still pending in regards to all other parties.
For more information, please contact either:
Office of Distributions
William E. Wendling, Jr.
Campbell Kyle Proffitt LLP
Telephone Number: 800-631-9383