SEC v. Spectrum Concepts, LLC Worswick and others (unregistered distributions, 2015)

Settled

✓ Checked against the primary document on October 2, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, with sampled and disputed records read a second time. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

Report an error in this record (sec-spectrum-concepts-llc-worswick-unregistered-distributions-2015) by email

In 2015 the SEC settled an administrative order against Spectrum Concepts, LLC and its president Michael Patrick Worswick and others over a prime bank scheme, finding Section 5 and fraud violations; Worswick is ordered to pay $166,500 disgorgement, $12,453 interest and a $120,000 penalty.

The record

What was ordered

Civil penalty

$120k

Disgorgement

$167k

Prejudgment interest

$12.5k

Total relief

$299k

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

On June 11, 2015 the SEC accepted settlements in a prime bank scheme run through Spectrum Concepts, LLC. The order finds that between May and October 2012 Worswick, the owner, and others offered and sold $465,000 of interests to at least five elderly investors, and that the settling respondents violated Securities Act Sections 5(a) and 5(c) along with the antifraud provisions. The figures in the record, $166,500 disgorgement, $12,452.72 interest and a $120,000 penalty, are those imposed on Worswick. The record previously merged the respondents' names.

This library tags the matter as unregistered distributions, based on the conduct the document describes. The tagging is ours, not the regulator's: agencies charge statutory provisions, not technique names.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

What technique is this, and how does it work?

This action is tagged with one technique 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.

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

Timeline

1. 2015-06-11 Administrative proceeding instituted (findings)

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.