"Boston judge fines alleged scammer $37 million" by Jack Newsham, Globe Correspondent November 25, 2014
A federal court in Boston has ordered Edward M. Laborio and several companies he used to defraud investors pay a total of $37 million in fines and penalties.
Laborio, who was ordered arrested in August and is currently a fugitive, was found liable for bilking 150 investors out of more than $4 million from 2006 to 2009. His “boiler room” operation employed 20 salespeople to recruit investors with false promises about the performance of his supposed investment funds, which were not registered with the Securities and Exchange Commission.
Laborio used the money to cover gambling losses and personal expenses, according to the SEC complaint filed in 2012....
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