HARTFORD, Conn. (AP) _ U.S. financial regulators have accused an
Avon investor of misappropriating more than $1 million from two
ailing, elderly women and using the money for travel and other
The Securities and Exchange Commission said Tuesday that it has
obtained a court order freezing the assets of 49-year-old Florin
Ilovici in connection with the scheme.
A complaint filed by the SEC alleges that instead of investing
the money from the two clients as promised, Ilovici transferred it
to personal accounts where it was lost in risky trading or spent on
expenses such as credit card payments and home improvements. The
complaint also names his wife, Diana Ilovici, as a relief defendant
and said she benefited from the scheme.
There was no answer at a phone number listed for the couple.
(Copyright 2011 by The Associated Press. All Rights Reserved.)