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Now THAT'S Some Alleged Scum-baggery...



April 29, 2008 – Comments (2)

The Commission earlier that day filed a civil injunctive complaint alleging that Defendants Hyatt, Johnson and HJ Capital, from approximately 2003 through 2007, while acting as unregistered broker-dealers and investment advisers, offered and sold to investors membership shares in at least ten Limited Liability Corporations ("LLCs") controlled and managed by HJ Capital (the "HJ Capital LLCs"). The Defendants promised to use investor funds to purchase securities sold by LLCs managed by BCI Aircraft Leasing, Inc. ("BCI") on behalf of the HJ Capital LLCs. In reality, according to the Complaint, at least $5.4 million was misappropriated, among other thing, to operate a Latin-themed restaurant in Chicago named De La Costa and to pay for Defendant Hyatt's personal expenses, including numerous mortgage payments and substantial home improvements for two homes, as well as at least $155,000 worth of art and antiques, a Maserati, a Mercedes, a Hummer H2, a Yukon Denali, and other vehicles.

Entire Complaint here.

2 Comments – Post Your Own

#1) On April 29, 2008 at 6:25 PM, TMFBent (99.34) wrote:

This is awesome. The self-description of one of the dudes (aged 34)  tied up in this entire scam (and subject of his own SEC litigation) from his own website.

Brian Hollnagel, President and Chief Executive Officer
Mr. Hollnagel is the President and Chief Executive Officer of the Company, which he founded in 1998. The company's success is a testament to Mr. Hollnagel's unique vision of the commercial aircraft leasing business and his strong commitment to BCI's relationships. Spurning the highly leveraged fad of the late 1990s, Mr. Hollnagel built a company based on prudent leverage, true equity investment, and commitment to BCI's stakeholders. Brian also eschewed high yield/high risk airlines in favor of more moderate returns provided by the world's leading carriers. On these simple concepts Mr. Hollnagel built BCI into a multi-million dollar commercial aircraft trading organization, one of the fastest growing in the industry. Prior to founding BCI, Mr. Hollnagel was employed by United Airlines, working directly with the chief pilot and director of flight operations. Mr. Hollnagel began flying at age 15 and has been a multi-engine pilot since 1992. He has flight experience in commercial aircraft such as the Boeing 737.

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#2) On April 29, 2008 at 6:33 PM, TMFBent (99.34) wrote:

Here's Hollnagel's SEC litigation.

Here's a Chicago trib story that mentions it.

Oddly enough, a search on this guy's name at the trib fails to make mention of a shamefully deferential puff piece (by the same trib writer) published two years prior, and available for peeping here. Ah, it's only in the archive.

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