On November 14, 2003, the Securities and Exchange Commission (Commission) filed a complaint alleging securities fraud against Enrico Cortesano (Cortesano), who is the subject of a cease-and-desist Order issued by the Commission in 2001.
The Commission's Complaint alleges that from at least November 2001 to January 2003, Cortesano engaged in an Internet prime bank offering through a website that offered bank debenture trading programs. According to the Commission's complaint, the website described these programs as "the buying and selling of bank debentures within the international money markets by the top 100 world banks." The Commission's complaint alleges that these investments do not exist, and that many of the misrepresentations are similar to the fraudulent conduct detailed in a cease-and-desist Order issued by the Commission in 2001 against Cortesano.
The Commission's complaint seeks a permanent injunction and civil money penalties against Cortesano based on his violations of Sections 5(c), 17(a)(1) and 17(a)(3) of the Securities Act of 1933, and seeks an Order requiring him to comply with the 2001 cease-and-desist Order.
