The Securities and Exchange Commission filed a settled civil action against an accountant and his consulting firm alleging participation in a multi-million dollar Ponzi scheme orchestrated and run by Joseph S. Forte, the Philadelphia Business Journal
The action filed in U.S. District Court in Philadelphia charges John N. Irwin and his firm, Jacklin Associates, with participating in the scheme from at least February 1995 through December 2008.
Forte, a Philadelphia-area fund manager, was sentenced in late 2009 to 15 years in prison for running a Ponzi scheme that cost investors $35 million. Broomall, Pa.-based Forte pleaded guilty to wire, mail and bank fraud as well as money laundering.
The Commission?s complaint against Irwin and Jacklin alleges that they participated in Forte?s scheme by soliciting investors for Forte.
Irwin and Jacklin agreed to settle the Commission?s charges, without admitting or denying the allegations in the complaint.
Under the settlement, which is subject to the court?s approval, Irwin and Jacklin consented to a judgment permanently enjoining them from violating sections the Securities Act of 1933 involving fraudulent interstate transactions. The judgment also orders the defendants to pay disgorgement plus prejudgment interest, and permits the SEC to ask the court to impose undefined civil penalties.
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