3. New York State v. Gilbert Puentes Jr. -Spring Lake Stables Syndicates
This case involves a criminal prosecution for grand larceny, criminal contempt and securities fraud arising from a referral by the New York State Racing Board.
The defendant, Gil Puentes Jr., son of one of the leading horse racing trainers in New York State, has been selling securities in the nature of investment interests in horse racing syndicates to some 30 investors for approximately $150,000 without registering pursuant to the Martin Act.
In addition, he has employed unregistered salesmen as part of his operations.
The defendant is subject to a previously issued permanent injunction which bars him from engaging in securities transactions in New York.
The defendant has failed to account for approximately $25,000 of investors' monies.
A search warrant was executed on the defendant's office and his cash box was seized. It was found to be empty.
Http://c0403731. Cdn. Cloudfiles. Rackspacecloud.com/collection/papers/1980/1982_1201_NYInvestor. Pdf
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