Retired Military Officers Hit by Investment Fraud, SEC Says

A Virginia man defrauded investors, including retired military officers and a federal civil servant, out of more than $4 million, the SEC said.

Andrew Scott Corbman carried out the scheme from 2019 through 2023, inducing the investors to purchase securities in the form of “loan agreements,” according to a complaint the Securities and Exchange Commission filed Monday in the US District Court for the Eastern District of Virginia.

Corbman made materially false and misleading statements about his investment track record, the riskiness of the investments, and the use of investor funds, the SEC said. He also failed to disclose his ...