July 9, 2012

Ex-Avon couple hit with $2M+ in SEC sanctions

A former Avon couple have been ordered to pay more than $2 million in restitution and penalties for allegedly fleecing at least two elderly Connecticut women to support a personal lifestyle, authorities say.

The Securities and EXchange Commission said Monday a federal court in Connecticut last week entered a default judgment on the SEC's behalf against Florin S. Ilovici, 50, and his wife, Diana, 48.

The SEC repeated its previous assertions that the Florins cheated the unidentified women, who were described as in poor health and having little family.

Florin Ilovici, for his part, must pay disgorgement of $1.15 million, including interest, and pay a $900,000 civil penalty, the agency said.

Diana Ilovici must pay a $32,000 disgorgement, the SEC said.

The Ilovicis could not be immediately located Monday for comment.

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