U.S. Securities & Exchange Commission
SEC Seal
Home | Previous Page
U.S. Securities and Exchange Commission


Litigation Release No. 18679 / April 23, 2004

Securities and Exchange Commission v. Wealth International Network, Andre Brady, et al., United States District Court for the Northern District of Georgia, Civil Action No. 1:95-CV-1722-CAM

The Securities and Exchange Commission announced today that an application for an order to show cause why defendant Andre Brady (Brady) should not be held in civil contempt was filed by the Commission on April 21, 2004, in the United States District Court for the Northern District of Georgia, based on his failure to pay disgorgement as directed by the Court's March 19, 1998 order. That order enjoined Brady from further violations of Sections 5 and 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 203, 206(2) and 206(4) of the Investment Advisers Act of 1940. The Court also ordered Brady to pay disgorgement in the amount of $4,031,110.65 plus prejudgment interest.

On July 5, 1995, the Commission alleged in its Complaint that Wealth International Network (WIN) was a "pyramid" or "Ponzi" scheme and that WIN, Discovery Financial Investments (DFI) and Brady attracted investments in DFI with false claims that such investments earned from 8 to 20 percent per month, with minimal risk of loss of principal. DFI claimed to be investing in "triple AAA rated" securities backed by gold bullion, gold and numismatic coins and foreign currencies.


Modified: 04/26/2004