Brokers Accused in Belize Airport Scam to Pay SEC $1.37 Million

Two men accused of acting as unregistered brokers as part of a Belize airport construction investment scam will pay the SEC about $1.37 million combined to settle the allegations, according to judgments docketed Tuesday in federal court in New York.

Minish “Joe” Hede and Kevin Graetz were associated with a broker-dealer but allegedly sold Belize Infrastructure Fund I LLC securities on the side without telling their firm. They agreed to settle the Securities and Exchange Commission suit without admitting the agency’s allegations, and the U.S. District Court for the Southern District of New York entered final judgments against them.

Hede ...