Litigation Release No. 25057 / March 22, 2021
Securities and Exchange Commission v. John W. Fisher, No. 0:21-civ-60624 (S.D. Fla. filed March 22, 2021)
The Securities and Exchange Commission today announced charges against an additional individual for unlawfully selling securities of 1 Global Capital, LLC, a South Florida merchant cash advance company, to retail investors. The SEC previously charged 1 Global, its owner, and others with operating a fraudulent scheme to misappropriate millions of dollars from at least 3,600 investors. The SEC also previously charged eight of 1 Global’s top sales agents, for various registration violations.
The SEC’s complaint alleges that the defendant, John W. Fisher, was among 1 Global’s top revenue producers, selling more than $8.5 million of 1 Global’s unregistered securities to numerous investors. According to the complaint, Fisher marketed 1 Global securities to investors as a safe and secure alternative to the stock market, baselessly claimed that the investments would achieve high single-digit or low double-digit annual returns, and earned $329,000 in commissions on his sales, even though he was not registered as broker-dealer or associated with a registered broker-dealer.
The SEC charged Fisher with violations of the securities registration provisions of Sections 5(a) and 5(c) of the Securities Act of 1933 and the broker-dealer registration provisions of Section 15(a)(1) of the Securities Exchange Act of 1934. In its litigated complaint against Fisher, the SEC is seeking an injunction, disgorgement of allegedly ill-gotten gains with interest, and a civil penalty.
The SEC’s continuing investigation is being conducted by Gary Miller and Mark Dee, and supervised by Elisha L. Frank, Fernando Torres, and Glenn Gordon. The litigation is being led by Robert K. Levenson and supervised by Andrew Schiff.