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SEC Charges Former Florida Executives In Investment Fraud Case

On September 30th, 2021, the Securities and Exchange Commission (SEC) announced investment fraud charges against two Florida executives—Robert D. Press and Donna M. Silverman, both formerly of TCA Fund Management Group Corp. The SEC alleges that TCA Fund Management harmed investors by improperly inflating its assets. Here, our Miami investment fraud lawyers discuss the charges against the Florida corporate executives.

Securities Fraud Charges: Robert D. Press of TCA Fund Management Group Corp. 

The SEC brought securities fraud charges against Robert D. Press (Order – Robert D. Press). A 57-year-old resident of Aventura, FL, Mr. Press was the founder and CEO of an investment advisory firm TCA Fund Management Group Corp. Created in 2011, TCA’s main headquarters were in South Florida. The TCA Master Fund was focused on providing short-term debt and equity investments to investors.

The SEC alleges that Mr. Press, in his role as CEO, was the primary person responsible for fraudulently inflating TCA’s net assets and its performance. In effect, Mr. Press caused TCA to mislead investors as to the true value of the fund. While official reports to investors showed that the fund always had a positive performance, the reality was the TCA booked at least 34 months of negative returns. 

Securities Fraud Charges: Donna M. Silverman of TCA Fund Management Group Corp. 

In addition to taking enforcement against TCA CEO Robert D. Press, the SEC also filed securities fraud charges against the investment advisory firm’s former chief portfolio manager Donna M. Silverman (Order – Donna M. Silverman). Ms. Silverman, 62, now resides in New Jersey. The SEC concludes that Ms. Silverman, largely acting at the direction of Mr. Press, including misleading transactions and fraudulent fees, reports that she was responsible for preparing. By doing so, she calculated inaccurate asset values and performance results for TCA Fund Management Group Corp.

SEC Sanctions Against TCA Fund Executives Robert D. Press and Donna M. Silverman 

Without admitting to or denying any of the specific allegations raised against them, both Mr. Press and Ms. Silverman consented to the SEC’s proposed sanctions. For his part, former TCA Fund CEO Robert Press agreed to accept a bar from the securities industry, disgorgement of more than $4.4 million in ill-gotten management fees, and a payment of a civil penalty of nearly $300,000. For her part, Ms. Silverman agreed to accept a limitation for serving as a corporate officer or corporate director in the securities industry. She has a right to seek reinstatement after three years. She also consented to a civil penalty of $50,000.

Speak to Our Miami, FL Securities Fraud Lawyers Today

At ​Carlson & Associates, P.A., our Miami investment fraud attorneys are devoted to protecting the legal rights of investors. If you sustained losses due to the misconduct of a corporate executive, we are here to help you seek compensation. Call us right away for a completely confidential review and evaluation of a securities fraud claim. We advocate for investors rights in South Florida and beyond.

Resources:

sec.gov/litigation/admin/2021/33-10990.pdf

sec.gov/litigation/admin/2021/33-10991.pdf

sec.gov/news/press-release/2021-204

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