WESTON, FL – Sean Nathan Healy, 41, of Weston, Florida, is facing charges of commodities fraud after allegedly defrauding at least 44 investors out of approximately $14 million, according to a complaint filed by the U.S. Commodity Futures Trading Commission (CFTC). The complaint, filed July 12, 2009, in the U.S. District Court for the Middle District of Pennsylvania, alleges Healy falsely claimed to invest investor funds in commodity futures and options contracts.
Instead of trading, Healy allegedly misappropriated the funds for personal expenses. The CFTC alleges Healy and his wife, Shalese Rania Healy, used the money to purchase luxury vehicles—including a Porsche, Lamborghini, and multiple Ferraris—worth an estimated $1.4 million in jewelry and gold bullion, and a $2.4 million home. Approximately $2 million was spent on home improvements, including a $500,000 home movie theater, and $2,500 square feet of garage space was leased to store the vehicles. Funds were also reportedly used to lease a luxury suite at Miami’s BankAtlantic Arena.
According to the complaint, Healy told at least one investor in February 2009 that his trading was generating substantial returns and that distributions would be made shortly. However, the CFTC asserts that the promised trading never occurred.
The CFTC named Sand Dollar Investing Partners, LLC, a Nevada Limited Liability Company, and Shalese Rania Healy as relief defendants, claiming they received funds stemming from Healy’s fraudulent activity without legitimate claim. On July 13, 2009, Judge Christopher C. Conner appointed Melanie E. Damian as Receiver, freezing the assets of Healy and the relief defendants and authorizing the seizure of relevant records.
The CFTC is seeking restitution, disgorgement of ill-gotten gains, civil monetary penalties, and permanent injunctions against Healy and the relief defendants. The Securities and Exchange Commission simultaneously filed a related emergency action. The U.S. Attorney’s Office for the Middle District of Pennsylvania also assisted in the investigation. A preliminary injunction hearing is scheduled for July 23, 2009.
Source: CFTC.gov
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