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U.S. Securities and Exchange Commission

Vestron Financial Corporation, et al.

On October 16, 2001, the SEC filed a civil action against Vestron Financial Corp, Salman Shariff, Vestron's founder and president, and several related entities, alleging that the defendants engaged in a ponzi scheme. The SEC alleged that the defendants defrauded about 350 investors of more than $11 million by promising high returns from trading in stocks and commodities. In actuality, only 14% of the funds were used for trading and Shariff misappropriated at least $2 million for personal use. For more information about the SEC's action, you can read litigation releases 17200 (Oct. 22, 2001), 17285 (Dec. 20, 2001), and 17443 (Mar. 27, 2002).

On January 24, 2002, the Court appointed Russell C. Weigel III as Receiver for the entity defendants. The Receiver is in the process of collecting assets. If you have questions, you can contact the Receiver at:

Russell C. Weigel, III, Esq.
Carlton Fields, P.A.
4000 International Place
100 S.E. Second Street
Miami, Florida 33131-9101
Phone: (305) 530-0050
Fax: (305) 530-0055


Modified: 01/22/2004