SEC FRAUD CASE COLLAPSES! Court Rules for Defendants in Shocking Reversal!

SEC v. Roger Bendelac and Thomas Capellini — U.S. Securities and Exchange Commission Litigation Release No. 26258, dated February 27, 2025.

The SEC sued Trends Investments Inc. and several individuals for defrauding investors in private stock offerings. While some defendants settled, a trial found the remaining two defendants, Roger Bendelac and Thomas Capellini, not liable. The SEC alleged Bendelac manipulated stock prices and Capellini assisted by providing his brokerage account.

In Plain English

Imagine a company selling shares in other companies, like selling tickets to a popular concert. The SEC said this company, Trends Investments, and some people involved, tricked people into buying these shares. They claimed one person, Roger Bendelac, made it look like the stock was more popular than it was by making fake trades. His brother-in-law, Thomas Capellini, allegedly helped by letting Roger use his own account to make these trades and put money in it. However, after a trial, a judge decided that Roger and Thomas did not do anything wrong.

Disclaimer: all facts are drawn from the SEC's own filings; the claims described are allegations unless and until a court rules or the parties settle, and some cases end in dismissal.

How the Alleged Scheme Worked

1. Forming the Scheme Trends Investments Inc., an unregistered company, allegedly engaged in a scheme to defraud investors. The company and its personnel, Clinton Greyling, Leslie Greyling, and Brandon Rossetti, were involved in selling shares in private offerings.
2. Manipulating Stock Prices Defendant Roger Bendelac allegedly participated by placing manipulative trades. These trades were intended to create a false appearance of active trading in the stock of one of the publicly traded companies whose shares were being offered.
3. Providing Assistance Thomas Capellini, identified as Bendelac's brother-in-law, allegedly provided assistance to the scheme. This assistance included giving Bendelac access to Capellini's brokerage account.
4. Funding the Scheme In addition to providing access to his brokerage account, Thomas Capellini also allegedly funded it. This financial support was part of his assistance to Roger Bendelac and the broader scheme.
5. SEC Initiates Action The Securities and Exchange Commission (SEC) filed an enforcement action in June 2022 against six defendants, including Trends Investments Inc., Clinton Greyling, Leslie Greyling, Brandon Rossetti, Roger Bendelac, and Thomas Capellini.
6. Early Resolutions Prior to the trial for Bendelac and Capellini, the SEC resolved its claims against other defendants. A judgment by consent was entered against Clinton Greyling on September 23, 2022, and final judgments by default were entered against Trends Investments, Leslie Greyling, and Brandon Rossetti on April 25, 2023.
7. Bench Trial A four-day bench trial was conducted in the U.S. District Court for the District of Massachusetts from October 15 through October 18, 2024, specifically for the remaining defendants, Roger Bendelac and Thomas Capellini.
8. Judgment in Favor of Defendants Following the bench trial, the Honorable Richard G. Stearns issued findings of fact and rulings of law in favor of Roger Bendelac and Thomas Capellini on January 24, 2025. A judgment was subsequently entered in their favor on February 6, 2025.

The Enforcement Action

The SEC filed an enforcement action in June 2022 against six defendants alleging a scheme to defraud investors in private offerings. Judgments by consent and default were entered against Trends Investments Inc., Clinton Greyling, Leslie Greyling, and Brandon Rossetti. Following a bench trial in October 2024, a judgment was entered on February 6, 2025, in favor of the remaining defendants, Roger Bendelac and Thomas Capellini.

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