Federal securities regulators have frozen the assets of an Avon couple accused of fleecing at least two elderly Connecticut women of more than $1 million to support their personal lifestyle, authorities say.
The U.S. Securities and Exchange Commission said Tuesday a federal court granted an emergency freeze of the assets of Florin S. Ilovici, 49, of Avon and his wife, Diana, 47.
A hearing on the commission’s request for a preliminary injunction has been scheduled for July 8, authorities said.
The SEC alleges that, since at least 2007, Ilovici made material misrepresentations in raising over $1 million in investment funds from the women – and perhaps others — who lived alone, had little or no family, and had health problems.
Instead of investing these funds on their behalf as he promised, the SEC said, Ilovici transferred the investor funds to his personal bank and brokerage accounts where he either lost the funds in risky securities or foreign currency exchange trading or spent the funds on personal expenses, including mortgage and credit card payments, travel, and home improvements, all without the knowledge or authorization of his investors.
The Ilovicis could not be immediately located Tuesday for comment. A phone listing for Florin was disconnected.
