The Securities and Exchange Commission (SEC) recently obtained an emergency court order to freeze the assets of LottoNet Operating Corp, David Gray and Joseph Vitale. The SEC accused LottoNet of raising $4.8 million from investors and it only paid $10,500 in investment returns, much like a ponzi scheme. Gray allegedly pocketed $464,000 of investor funds and used an additional $121,000 to pay for personal expenses, including strip clubs, clothing and some wedding-related expenses. Gray solicited investors to contribute to LottoNet by using at least 13 unregistered sales agents to place cold calls to potential investors nationwide. At least 35% of investor proceeds were allegedly paid to boiler room sales agents as commissions. More than $1.1 million was paid to them out of investor funds. If you invested with David Gray and LottoNet, please call us today at 312-332-4200 to speak to an attorney about your losses. We may be able to help you recover your losses in the FINRA arbitration process on a contingency fee basis.
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