"The SEC's emergency action is intended to protect prospective investors from future harm by halting what we allege is a brazen ongoing fraud that targeted many senior citizens and small business owners," said Carolyn M. Welshhans, associate director in the SEC's Division of Enforcement. "Among other things, this emergency relief prohibits the defendants from soliciting new investors, freezes their assets, and orders them to provide a sworn accounting of their assets."

The SEC's complaint, filed in federal court in Miami on Nov. 14 and unsealed on Monday, Nov. 18, charges the defendants with securities fraud and seeks certain emergency relief as well as permanent injunctions, return of allegedly ill-gotten gains with prejudgment interest, and civil penalties. The complaint names Burkholz's wife, Rhoda Burkholz, and Bianco's wife, Suzanne Bianco, as relief defendants.