April 14, 2010

USA: Ex-investment exec convicted of defrauding seniors

. NEW YORK, NY / BusinessWeek / April 14, 2010 DALLAS - Associated Press A federal jury in Dallas has found a former investment firm executive guilty of defrauding senior citizens in Texas and Florida. Jurors convicted Jeffrey Charles Bruteyn on all nine counts of securities fraud from a May indictment. Bruteyn is the former managing director of Dallas-based AmeriFirst Funding Corp. and AmeriFirst Acceptance Corp., both now defunct. Illustration: Banner on home page of AmeriFirst The indictment accused the 40-year-old Dallas man of participating in a scheme that defrauded more than $50 million from more than 500 investors in the two states. Many of the victims were retirees. In July, the Securities and Exchange Commission says obtained a court order that froze AmeriFirst Funding assets. The SEC accused Bruteyn of misrepresenting the firm's investments as virtually risk-free and spending $4.7 million of investors' money for personal use. [rc]