Today, after a five-day trial and less than two hours of deliberation, a jury in the United States District Court for the Southern District of California found Thomas F. Casey liable for securities fraud.
Statement of SEC Division of Enforcement Acting Director Sam Waldon:
“We are pleased with the jury verdict holding the defendant liable for orchestrating a fraudulent securities offering, which targeted retirees’ retirement accounts with false promises of safety and security. The defendant induced more than 200 people to invest a total of over $10 million into Golden Genesis, a venture to supposedly create blood banks for selling human plasma from young donors for anti-aging treatments, based on false claims including that the investments would generate guaranteed high returns and be secured by the company’s assets. In reality, the funds were not secured and the defendant used investor funds to compensate himself and to prop up the scheme by paying back other investors, causing approximately $8 million in losses to the victims. As this trial demonstrates, the SEC is committed to protecting retirees’ hard-earned savings and holding the perpetrators of frauds involving retirement funds accountable.”
