Raymond Dove owes $2,923,446 in disgorgement and interest plus a $1,655,157 civil penalty under a default judgment in an SEC boiler-room case tied to more than $58 million in stock trading proceeds. The judgment, dated September 30, 2026, also bars him from penny stock offerings. Default means the court ruled without a contest from him.
The SEC announced the result on October 8 in Litigation Release 26670, which also reports final judgments against four other defendants in SEC v. Francis Biller, a case filed in March 2022.
How the calls worked
The SEC alleges the operation ran from at least January 2016 through at least July 2018 as a call center, which the release calls colloquially a boiler room. Callers used high-pressure sales tactics to sell stock in small U.S. public companies to U.S. investors, with false or misleading statements about their own roles and about the companies. At least 18 issuers were promoted.
In its 2022 announcement of the case, the SEC said the callers posed as phony investment management firms, using fake names, websites and phone numbers, and that the operation was based in MedellĂn, Colombia. About $10 million was paid to the defendants for promoting the stocks, the agency said at the time.
Paul Levenson, director of the SEC’s Boston Regional Office, said in 2022 that the defendants “went to great lengths,” using “bogus companies, aliases, and spoofing their phone numbers.” He urged investors to review the fraud education materials on Investor.gov.
The SEC’s complaint gives the pitch in detail. It alleges callers used false names and spoofed U.S. area codes, and steered investors to fake research firms with names such as Market Wi$e Report and Winford Report. Dove’s own pitch, the complaint alleges, urged investors to buy immediately and cited a 300% average return.
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The complaint says the group reinvented itself after about two promotions, with new names, phone lines and websites, which Dove allegedly called “Rinse and repeat.” Investors were told to hold as prices fell, the SEC alleges, while control groups sold stock into the demand the calls created.
One investor, described as a retirement-age adviser, bought more than 3 million shares of Garmatex and lost over $2 million, the complaint alleges. Another lost more than $70,000 on PureSnax, which fell below $0.01 by September 22, 2016. These are allegations in a complaint.
What the judgment orders against Dove
Under the default judgment, Dove owes $2,923,446 in disgorgement plus prejudgment interest and a $1,655,157 civil penalty. Disgorgement means giving up the money the SEC says came from the violations. The judgment also permanently enjoins him from violating the antifraud provisions of Securities Act Section 17(a), Exchange Act Section 10(b) and Rule 10b-5.
He is barred from participating in penny stock offerings. Penny stocks are low-priced shares in very small companies, the kind the SEC says the call center sold. Dove’s penalty is the only civil penalty the release reports across the five judgments it summarizes.
Francis Biller, named first in the case, consented to a February 21, 2025 judgment of $8,392,982 in disgorgement and prejudgment interest. Three other defendants consented to judgments on January 24, 2025: Chester Alvarez owes $131,347, Troy Gran-Brooks $838,101 and Justin Plaizier $134,652, each in disgorgement plus interest. Penny stock bars apply in all five.
Shredderz International Corp., which the release says Dove controlled, was named as a relief defendant, meaning a party that allegedly received money without being accused of the fraud itself. The court denied the SEC’s motion for a default judgment against Shredderz for lack of personal jurisdiction, and the SEC earlier dismissed its claims against three other relief defendants.
Criminal cases ran alongside
In a parallel case, the U.S. Attorney’s Office for the Eastern District of New York filed criminal charges. Alvarez, Gran-Brooks and Plaizier have pleaded guilty and been sentenced, the release says, and Biller has pleaded guilty and awaits sentencing. The release does not report criminal charges against Dove.
The SEC’s Boston Regional Office handled the civil case through Kathleen Shields, Alexandra Lavin and David London, and the release calls the litigation concluded. Concluded does not mean collected. The release reports what the court ordered, not what has been paid.
Checks before acting on a cold call
Investor.gov’s guidance on avoiding fraud starts with caution before sharing contact information in response to an investment promotion. It also points to a red flags checklist and says concerns can go to the SEC, FINRA or a state securities regulator for a report and for help.
The SEC’s investor education site also offers a background check on investment professionals. That matters in a case where the SEC alleges the firms named on the phone were created for the pitch, with websites taken down after each promotion. A caller’s firm name can be gone by the time anyone searches for it.
The Dove judgment closes one chapter of a scheme that, by the SEC’s account, ran for more than two years. The question for anyone who gets a call like those described in the complaint is how to tell a pitch built to be forgotten from a firm that will still exist next month.
Got a stock pitch from a stranger?
The SEC alleges callers in this case used fake firm names, spoofed U.S. area codes and websites that came down after each promotion. A buyer who loses money on a pitch like that is left with a phone number that no longer works and no record of what was said.
The Senior Fraud Defense & First-Hour Recovery Kit is written for the aftermath of a scam, not for picking stocks. It includes the free credit-freeze steps and a fraud evidence and report log for keeping call dates, names and numbers, and Part 3 covers reporting and what each report does.
Keep the fraud kit’s report log and credit-freeze steps near the phone →
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This article was produced with AI assistance and edited for accuracy against the sources linked above.
Warren Cohen is a finance writer based in Phoenix, Arizona, covering personal finance topics including credit, banking, and beginner investing. He earned his degree in business administration from Arizona State University and began his career working in consumer finance, where he gained direct experience with lending and credit systems. He now writes for personal finance websites and fintech platforms, focusing on clear, practical content that helps readers make informed financial decisions.
