State alleges $800,000 fraud
State securities regulators have accused a West Boylston man of exploiting ethnic connections to defraud three investors of nearly $800,000 and using some of the money for gambling vacations to Connecticut, the French Riviera, and Monte Carlo.
An administrative complaint issued yesterday by Secretary of State William Galvin also alleges that Edward Kooyomjian sold unregistered securities and acted as an unregistered agent. It seeks a full accounting of securities sold, compensation, and a cease-and-desist order.
Between 2006 and 2008, Galvin said, Kooyomjian gained the trust of Armenian-American investors and told them he would invest their money in real estate ventures. He did secure land, the complaint alleges, but some of the money was used for gambling.
Kooyomjian could not immediately be reached for comment.