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SEC Charges Former Executives Of Registered Investment Adviser With Fraud

SEC Charges Former Executives Of Registered Investment Adviser With Fraud
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DeAndre P. Sears et al. (Release No. LR-25002; Dec. 31, 2020)


Litigation Release No. 25002 / December 31, 2020
Securities and Exchange Commission v. DeAndre P. Sears et al., Case No. 20-cv-03114 (M.D. Fla filed December 31, 2020)
The Securities and Exchange Commission today announced charges against DeAndre P. Sears and MASears LLC d/b/a Picasso Group, an entity he controlled and operated, with registration violations for unlawfully selling securities of Florida-based real estate firm EquiAlt LLC to retail investors. The SEC previously filed an enforcement action against EquiAlt LLC, its CEO Brian Davison, and its Managing Director Barry Rybicki on February 11, 2020, in connection with the alleged scheme.
According to the SEC s complaint, between 2014 and 2020, Sears directly and indirectly, through the use of third-party agents, sold at least $25 million of EquiAlt s securities to more than 145 largely unaccredited, unsophisticated, and elderly retail investors located in 25 states. During that period, Sears was identified in ....

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