The allegations read: The united states securities and exchange commission ("commission" or "sec") alleges that this matter involves an ongoing fraudulent scheme by sean kelly, a registered stock broker, and various entities that he operates under the "lion's share" umbrella. Defendants lion's share & associates, inc. ("ls associates"), lionsshare tax services, llc ("ls tax"), and lion's share financial of east cobb, inc. ("ls financial") (collectively "lion's share") are all involved in kelly's fraudulent scheme.
since at least 2014, kelly, through lion's share, raised at least $1,000,000 from at least 12 investors, promising that he would invest the funds in a variety of investment vehicles, such as cds, private placements and real estate funds.
rather than investing the money, kelly stole it and spent his victims' money for things like super bowl tickets, luxury vacations and cash withdrawals.
many of kelly's victims are elderly retirees, and his victims include widows, veterans and people with disabilities.
kelly treats lion's share as his personal piggy bank, and he has transferred hundreds of thousands of dollars of investor money to bank accounts he controls to support his lifestyle. He has also withdrawn large quantities of investor money in cash throughout the course of the scheme, and the disposition of those funds is unknown.
