DENVER (CN) – Wellco Energy failed to inform investors that 58 percent of the money they invested went to pay sales commission, the SEC claims in Federal Court. It claims Justin W. Rifkin ran the unregistered “boiler room operation” with three co-defendant salesmen, Patrick V. Looper, Richard G. Pacheco, and Dustin D. White.
The defendants allegedly took more than $1.1 million from more than 60 investors.
Rifkin, 29, lives in Colorado Springs, the SEC says, as do Looper, 71; Pacheco, 45, and White, 32.
The SEC seeks penalties, disgorgement and an injunction.