SEC v. David F. Bandimere (ponzi schemes, 2019)

Settled

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In November 2019 the SEC settled charges against David Bandimere for selling investments in two Ponzi schemes, IV Capital and Universal Consulting Resources, as an unregistered broker without full disclosure. He agreed to a broker bar, a cease-and-desist order, $370,000 of disgorgement and a $130,000 penalty.

The record

What was ordered

Civil penalty

$130k

Disgorgement

$370k

Prejudgment interest

—

Total relief

$500k

Alleged gain

—

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The order finds that between 2006 and 2010 Bandimere raised at least $9.3 million from more than 60 investors for IV Capital and UCR while unregistered, earned commissions that were most of his income, steered retirement money into self-directed IRAs, and gave a one-sided account of the investments, violating Sections 17(a)(2), 17(a)(3) and 5 of the Securities Act and Section 15 of the Exchange Act.

The record had listed David F. Young and John O. as co-defendants and carried $4,139,858 of disgorgement and $847,919 of interest. Those are figures from the court judgment against David Parrish, the operator of IV Capital, cited in the order; Bandimere alone is the respondent and his sanctions are the ones above.

This library tags the matter as ponzi schemes because the document describes money from later investors being used to pay earlier ones. The tagging is ours, not the regulator's: agencies charge statutory provisions, not technique names.

What technique is this, and how does it work?

This action is tagged with 2 techniques in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Ponzi schemes — see how it works, what statute it engages, and every other action tagged the same way.
• Unregistered distributions — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2019-11-22 Administrative proceeding instituted (cease-and-desist)

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEC order

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.