MIAMI (AP) - The Securities and Exchange Commission is charging that two South Florida men ripped off dozens of investors in a scam involving a purported new high-tech way to mark first downs in football games.
The SEC said Thursday that Peter Kirschner of Delray Beach and Stuart Rubens of North Miami violated securities laws in enticing some 200 people into investing in what they claimed was laser-line allowing those in football stadiums and on TV to see a first-down line on the field. The SEC says they falsely claimed to have contracts with the NFL, including for the Super Bowl game.
About $2.4 million was raised through the scheme, much of it from elderly investors. The SEC says Kirschner and Rubens are settling the case without admitting or denying guilt.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)