In an article from the Dallas Morning News written by Eric Torbenson, Torbenson writes that a federal jury has convicted a former Dallas resident on nine counts of criminal fraud for a scheme that targeted mostly elderly investors, including many from Texas. Jeffrey C. Bruteyn, who ran Amerifirst Funding and Amerifirst Acceptance Corp., faces up to 180 years in prison and millions of dollars in fines.

Bruteyn was already in prison for attempting to flee the country by falsely filing a lost-passport application, and he had been found in civil contempt of court for trying to hide assets from a court-appointed receiver.

Bruteyn, 40, once owned a large house in Dallas’ Lakewood neighborhood and drove luxury cars. His lifestyle attracted the attention of regulators, who seized the assets of his businesses in 2007.

Jeffrey Bruteyn and others ran a scheme that targeted mostly elderly investors. The investments were falsely advertised as safe and fully insured against losses. Bruteyn also lied about his education and didn’t disclose his disciplinary history as a stockbroker, according to the indictment filed against him last year.

Bruteyn was sued earlier by the Securities and Exchange Commission over his sale of unregistered investments. The SEC also said he and his sales force made false claims.

The lawsuit alleged he raised $55 million from older investors by advertising high returns — 8 percent a year or more — for secured debt obligations backed by loans on cars sold from used-car lots linked to Amerifirst.

“I suppose betrayal is the word that comes to mind,” said Amy Miglini of Minneapolis, Bruteyn’s former girlfriend and one of his victims. “The emotional betrayal and damage is understandably often overlooked and overshadowed by the financial betrayal in situations like this.”

A contempt of court citation came after Bruteyn, along with disgraced attorney Phil Offill, cooked up a scheme to swap a Picasso painting — later judged to be fake — for cash among family members to give Offill money to help defend Bruteyn. Offill has been convicted of securities fraud.

The former Denton resident Vincent John Bazemore, 35, previously pleaded guilty for his role selling the investments. He is serving a five-year sentence and has been ordered to pay $16 million.

Jefferson Pilot Securities Corporation of Concord, NH, and broker Gerald Kingston sold these securities as well.

Many of these investments were sold by stock brokers and financial advisors around the country. This allows us to pursue a claim on your behalf before the Financial Industry Regulatory Authority nationwide. Call now for a free consultation.

If you feel you are a victim of the alleged fraudulent schemes of Amerifirst or any of the brokers involved, call a Securities arbitration lawyer for a free consultation on how to recover your losses. To speak with an attorney, call 888-760-6552, or visit www.stockmarketlawsuit.com. Soreide Law Group, PLLC., representing investors nationwide before FINRA and the Financial Industry Regulatory Authority.

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