RICHARD J. RUBIN AND THOMAS J. CRAFT, JR. REVIEW
This complaint was posted on NAS on 6th Jan, 2021 and is a permanent record located here: https://www.nameandshame.com/richard-j-rubin-and-thomas-j-craft-jr-5YCWQ/caught-creating-false-opinion-letters-id5ydqk .
Caught Creating False Opinion Letters
Today, The Smart Investor Feed brings you another morally reprehensible fraud.
Richard J. Rubin and Thomas J. Craft, Jr. has been seized/arrested by the U.S. Securities And Exchange Commission (SEC). Shocking right?
We weren’t expecting this as well, but these scammers are getting smarter by the minute, making it harder for us to identify.
Such swindlers seem to be booming in numbers lately. This case is kind of interesting, why don’t I show you why:
Full Report On Richard J. Rubin and Thomas J. Craft, Jr.
The Securities and Exchange Commission today charged disbarred attorney, Richard J. Rubin, and licensed attorney, Thomas J. Craft, with fraud for their roles in a legal opinion letter scheme to fraudulently facilitate the sale of millions of shares of microcap securities to retail investors.
The SEC's complaint alleges that from December 2015 to July 2018, Rubin, who was disbarred in 1995, continued to fraudulently practice securities law by submitting at least 128 attorney opinion letters that allowed microcap stock issuers' securities to be purchased by and sold to the investing public. The complaint alleges that Rubin signed certain letters, falsely claiming to be an attorney, and that he drafted other letters for Craft's signature. The complaint alleges that Craft signed or permitted the use of his name and signature on at least 30 letters that falsely stated he had performed substantive work to formulate the opinions in those letters.
The SEC's complaint, filed in federal court for the Eastern District of New York, charges Rubin and Craft with violations of the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities and Exchange Act of 1934 and Rule 10b-5 thereunder, and seeks injunctive relief, civil penalties, and penny stock bars. Without admitting or denying the SEC's allegations, Craft consented to a bifurcated settlement that, subject to court approval, permanently enjoins him from similar violations and permanently prohibits him from participating in any offering of a penny stock. The proposed judgment reserves the issue of any additional remedies, including civil penalties, for determination by the court upon motion of the SEC. The SEC's litigation against Rubin will proceed in federal district court.
In a parallel action, the U.S. Attorney's Office for the Southern District of New York today filed criminal charges against Rubin and Craft.
Conclusion: Richard J. Rubin and Thomas J. Craft, Jr. Is A Fraud
The report on SEC clearly suggests that Richard J. Rubin and Thomas J. Craft, Jr. never had any intentions to do honest business or provide helpful services. Main intention behind all their actions was to take advantage of the honesty & gullibility of people and scam them. It would be an understatement to call this a mere fraud, this one is a scandal.
If you feel like you are a victim of this scam, then I recommend contacting a law firm and consulting with them about a lawsuit. Companies & firms pay huge reprimands to settle serious lawsuits.
Help Us Fight These Criminals
Do you have evidence against Richard J. Rubin and Thomas J. Craft, Jr. or one of their associates, then please post it here. These criminals rely on their witnesses’ & victims’ silence, if you speak up, then they get exposed and punished for their horrific acts. I started The Smart Investor Feed on this site with only one purpose; to become a nightmare for the financial frauds in the country. I try to post often, so you can bookmark my profile for regular updates on frauds & con-artists.
Full Disclosure: We sourced this piece of information from the SEC database