Actions against Defendants, a pastor, a self-described financial planner, and an attorney, in connection with an alleged scheme to defraud investors by selling them interests in defunct, pre-Revolutionary Chinese bonds. According to the SEC, Defendants pastor and planner falsely stated that the bonds were worth millions of dollars to generate investment and then used investor funds for personal expenses. The SEC alleges that Defendant attorney aided and abetted the scheme by drafting participation agreements in the bonds that were sent to investors, controlling the bank account to which most investors sent their funds, and distributing investor funds to Defendants pastor and planner. Defendant attorney has agreed to pay a civil penalty of $60,000 and a bar from practicing as an attorney before the SEC. The other Defendants contest the SEC’s charges.

SEC Litigation Release 

SEC Press Release