ORLANDO (CN) - Securities recidivist Robert E. Lane and his family target Hispanics in a fraud scheme that sold $132 million worth of unregistered securities to more than 70,000 people in 64 countries, the SEC claims in Federal Court. It claims Lane's Wealth Pools International, Recruit for Wealth, and other companies he runs are pyramid schemes.
Lane purports to run a "multi-level marketing company" that sells English and Spanish DVD "language tutorials," called "Talk-N-Tutor," the SEC says. But it says that's just a front for Lane's real scheme, which is to sell "Wealth Pools" to "Associates," in a classic pyramid scheme that brought in more than $132 million though Lane "has never filed a registration statement with the Commission."
Lane also failed to disclose that he led a previous, similar pyramid scheme that failed, went bankrupt, and got him enjoined by the State of Florida.
Lane, 69, lives in Orlando. The SEC barred him from the securities business in 1990.
Relief defendants include Richard Lane, 65, of Mobile, Ala., Lane's brother and the president of defendants T-N-T Education and Mundo Trade.
Renee Becker, 31, of Orlando, is Lane's daughter and works for Wealth Pools. "Investors' funds were directly deposited into accounts she holds jointly with Wealth Pools," the SEC says.
Julia Lane, 52, is Lane's wife and also holds a joint account that took investors' money, the SEC says.
And First Fiduciary Business Trust is a Nevada trust that Lane uses.
The SEC demands disgorgement and penalties. See the federal complaint.
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