The former president of a defunct investment firm, Clinton Greyling, pleaded guilty yesterday to aiding an unregistered broker in selling securities in exchange for an undisclosed commission of approximately 40 percent.
Greyling, 49, from Tamarac, Florida, admitted to one count of aiding and abetting an unregistered broker. He was charged in an Information filed on July 30, 2024, and U.S. District Court Judge Richard G. Stearns has scheduled his sentencing for December 11, 2024.
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Greyling previously led Trends Investments, Inc., a Florida-based company that targeted retail investors by selling securities in fledgling public companies involved in mergers. Between February 2017 and June 2019, Trends sold shares of multiple companies, which were promoted as being on the verge of entering new and lucrative business ventures, including therapeutic cannabinoids and blockchain technology.
To market these securities, Trends enlisted a former registered broker who, although no longer authorized by the U.S. Securities & Exchange Commission (SEC), falsely represented himself as a broker and wealth manager to prospective customers. Under Greyling’s direction, Trends paid this individual an undisclosed commission of about 40 percent, amounting to over $800,000 from more than $1.9 million in sales.
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Greyling further facilitated the scheme by providing favorable information about the companies, including claims about when the companies’ securities would supposedly start active trading on the over-the-counter market. However, Trends failed to deliver the shares to customers in a timely manner, and the promised investment returns never materialized. Ultimately, the shares sold to investors became effectively worthless, as customers were generally unable to deposit or trade them.
The charge of aiding and abetting an unregistered broker carries a potential sentence of up to 20 years in prison, three years of supervised release, and a fine of up to $5,000,000. Sentencing will be determined by a federal district court judge in accordance with the U.S. Sentencing Guidelines and applicable statutes.
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