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.
Disclaimer
The posting on this site are mere OPINIONS and NOT statements of fact in any way whatsoever. The information should not be relied upon and there have been no findings made against the firms or individuals referenced on this site. In addition, this Blog is made available for educational purposes only and incorporates information from the web as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and Stoltmann Law Offices (161 N Clark Street 16th Floor Chicago, IL 60601). The Blog opinions should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.
PLEASE NOTE THIS IS ADVERTISING AND IT IS NOT A NEWSPAPER ARTICLE OR POST FROM AN INDEPENDENT OR NON-BIASED, NEWS SITE, NEWS SOURCE OR NEWSPAPER.