Hawaii man charged in $35M international scheme - Hawaii News Now - KGMB and KHNL

Hawaii man charged in $35M international scheme

HONOLULU (AP) - The U.S. Securities and Exchange Commission has charged a Hawaii man in a $35 million international investment scheme.

The SEC says Nicholas Louis Geranio founded small companies, installed management, and recruited overseas "boiler rooms" that pressured investors into buying stock while pocketing more than $2 million in consulting fees from proceeds of the fraudulent stock sales.

Geranio could not be reached for comment Wednesday.

According to the complaint, representatives recruited by Geranio induced investors with aggressive techniques such as promising immediate and substantial returns and threatening legal action if an investor did not agree to purchase shares the representatives believed the investor had already agreed to purchase.

Many of the investors were elderly and living in the United Kingdom.

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