May 20, 2015
Nicholas Grosso, Michael Patrick Brown
SANCTION AMOUNT: $1,542,500
Defendants: Nicholas Grosso, Michael Patrick Brown
Sacntion on default for Respondents' role in the fraud of Spectrum Concepts, LLC, which was founded in Florida for the supposed purpose of sponsoring and promoting concerts, but never had any assets (other than elderly investor funds) or business operations. Of $465,000 raised, nearly half was misappropriated. For more information, see https://www.sec.gov/alj/aljdec/2015/id770bpm.pdf.
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