Regulators charge Hillsborough County man with securities fraud
April 22, 2020 - A Lithia man agreed to a permanent injunction, after the U.S. Securities and Exchange Commission accused him of defrauding more than 60 retail investors out of $5.5 million. In a scheme that purportedly ran for 2015 to 2019, Steven Brickner told investors that he would use their money to purchase a Colorado-licensed marijuana dispensary network and conduct an initial public offering or merge with an over-the-counter public company, generating significant profits for investors, the SEC said in a news release. Brickner used about $3 million of investor money for personal expenses, including $1.2 million to purchase classic and luxury cars, and $335,000 in expenses at an adult entertainment club, the SEC said, citing a complaint filed in federal court in Tampa. Without admitting or denying the allegations, Brickner agreed to not to violate federal securities laws and to an order that he disgorge ill-gotten gains. The settlement is subject to court approval.