The Securities and Exchange Commission alleged New York-based Premier Links, Inc., its former president, and two cold callers formed a fraudulent boiler room scheme targeting retirees and elderly to invest in speculative or high risk companies with limited or no real chance of making a profit.
The SEC alleges that Dwayne Malloy, Chris Damon, and Theirry Ruffin victimized vulnerable older investors using investors’ money for their own personal gain. Premier Links Inc. cold called investors using high-pressure sales tactics to convince seniors to invest in companies which would soon have initial public offerings (IPOs). They never disclosed to the investors that only a small fraction of the money would be transmitted to the promoted companies, and Premier Links diverted investor funds to other entities controlled by the sales representatives or other associates for their own use and benefit.
Premier Links, Malloy, Damon, and Ruffin were never registered with FINRA or as stockbrokers and fraudulently obtained over $8 million from more than 300 victims across the USA by building a relationship of purported trust and confidence with them. The SEC alleges that the defendants rarely even invested the money in the companies they were pitching.
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