BOCA RATON, FL (BocaNewsNow.com) — A Boca Raton philanthropist who notably was spanked by the SEC for penny stock fraud in the 1990s is now facing DUI Hit and Run charges filed by the Palm Beach County Sheriff’s Office.
Stuart W. Graff, 70, of Ayrshire Lane in Boca was booked into the Palm Beach County jail early this morning. He was released on his own recognizance several hours later. Records suggest that no one was hurt in the accident where he allegedly damaged property and then left the scene.
In 1997, the Securities and Exchange Commission issued the following statement in regard to Graff’s involvement with the “Stuart James” company which, at the time, was considered to be the top Penny Stock investing firm in the country.
Filed by the SEC:
As the senior management of Stuart-James, Padgett and Graff oversaw a firm that practiced fraud on a widespread basis. The record in this proceeding reveals that the interests of the firm, almost without fail, were elevated above the fair treatment of customers. We have found that Padgett and Graff committed multiple violations of a very serious nature. They were responsible for large scale pricing violations and the distribution of fraudulent sales scripts. They also failed to supervise reasonably while numerous managers instituted fraudulent policies and practices. We note that both have run afoul of regulators on other occasions. Padgett has been sanctioned several times by the NASD over a more than 10-year period, including for, among other things, failing to supervise regarding markup violations. Graff also has been sanctioned previously by the NASD. Based on the extent and severity of their misconduct and their disciplinary histories, we believe that the public interest mandates barring Padgett and Graff from association with any broker or dealer.
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