According to a press announcement on December 14, the Securities and Exchange Commission has charged Behavioral Recognition Systems, a Houston technology company, and its former CEO, with allegedly fraudulently raising approximately $28 million from investors. The SEC alleges $7.8 million of those proceeds were diverted for the former CEO's personal benefit.
Behavioral Recognition Systems Inc. and CEO Ray C. Davis allegedly solicited over $28 million from hundreds of investors by telling them lies about how the funds would be used.
Additionally, the complaint alleges that Behavioral Recognition Systems Inc. and Davis secretly diverted millions of dollars of investor money for Davis's personal expenses. Davis and his wife allegedly purchased ancient jewelry, gold, and other artifacts and funded their joint bank account.
If you suffered losses investing in Behavioral Recognition Systems or Giant Gary, the securities attorneys at The White Law Group may be able to help you recover your losses. To speak to a securities attorney, please call The White Law Group at 1-888-637-5510 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.
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Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.