The SEC alleged that at least $2.24 million of the illegal profits have already been withdrawn from the preferred accounts by Sugranes’ parent. It also said since at least 2016, Sugranes has received at least $1.85 million from his parents.
The complaint further noted that Garcia, who has lived with Sugranes for several years, has received gifts of about $200,000 in cash from Sugranes since at least 2018, and that the pair also created a limited liability company that has made an $800,000 investment into a restaurant and hospitality business owned by Garcia’s friends.
Additionally, the SEC said upon learning about the court’s action in June to freeze assets, Sugranes moved $264,000 from one of his bank accounts to a bank account jointly controlled by him and Garcia. These funds, along with an additional $700, were moved from that jointly controlled account to one of Garcia’s personal bank accounts, the complaint said.
Garcia has been associated with various registered broker-dealers since beginning her career in 2002 at Goldman Sachs, according to BrokerCheck. She has been with UCB Financial Advisers since 2007, and up until September, she was registered with Insigneo Securities in Miami. She could not be reached for comment.
In addition to numerous violations of the Securities Act and Rules, Garcia also is charged with aiding and abetting the other defendants' violations of the provisions. The SEC is seeking a permanent injunction, disgorgement, prejudgment interest, and civil penalties.