Two accused of duping seniors in investment scheme

TwoSouthFloridamenwere chargedwith fraud by the U. S. Securities and Exchange Commission on Thursday in a lawsuit that says they allegedly targetedmostly senior citizens with the lure of investing in technology to be used by theNational Football League.

Peter D. Kirschner of Delray Beach and Stuart M. Rubens of North Miami are accused of operating a boiler room, allegedly having sales agents contact mostly retirees beginning inJuly2011andconvincingthemto invest in Thought Development Inc., a companythat has created a systemthat uses lasers to identify first- down lines on the field for television viewers and in stadiums.

The investors were falsely told the NFL was going tousethenewtechnology atgames and even the 2013 Super Bowl, the SEC said.

“Kirschner and Rubens used boiler rooms and high- pressure sales tactics to swindle seniors into believing they could help revolu- tionize thewaywewatch football,” said Eric I. Bustillo, director of the SEC’s South Florida office.

The two collected $ 2.4 million from about 200 investors in 17 months until November 2012, the SEC said.

Kirscher andRubens could not be reached by telephone Thursday. But the SEC said Thursdaythattheyhaveagreedto settlewithout admitting or denying guilt.

The SEC said TDI executives severed ties with the two in late 2011. But Kirschner and Ruben allegedly formed a new scheme.

“They generated false trade documents to dupe investors into believing they had purchasedTDIshareswhenin facttheyhadnot,” according to a SEC statement.

TDIreportedthetwotothe FBI, according to a statement TDI founder Alan Amron emailedThursday.

“TDI fell victim to their fraudulent activities,” the statement said, adding “Despite this adversity, TDImaintains a strongrelationship with all of its investors.”