Issue link: https://newsleader.uberflip.com/i/316941
himself for mortgage payments and money for his girlfriend," the SEC news release adds. The indictment says Della Penna "pocketed $1.1 million [from investors] and used $1.4 million to pay prior investors." The SEC's complaint, also filed in the U.S. District Court for the Middle District of Florida, in Tampa, alleges Della Penna often promised clients annual returns of 5 percent along with 80 percent of the trading profits generated with their investments. Later, he allegedly promised some investors 10-percent returns on their money, which he said would be used for investing in small companies, the SEC complaint adds. If he is convicted, Della Penna faces a maxi- mum penalty of 10 years in federal prison on each federal count. The indictment notified Penna "that the United States intends to seek a forfeiture money judgment in the amount of more than $3 million and intends to forfeit any assets that are alleged to be traceable to proceeds of the offense, including funds in bank accounts in the name of Penna's business entities and his Sarasota residence," the release from the U.S. Attorney's Office points out. Della Penna turned himself in on Wednesday at the U.S. Attorney's Office in Tampa, William Daniels, a spokesman for that office, told A Sotheby's International Realty video produced in 2012 and still available on YouTube was part of the effort to sell the 6629 Peacock Road house where Gaeton Della Penna and Sharon Nizolek reportedly reside. Video from YouTube Sarasota News Leader May 23, 2014 Page 51