Action against Defendants, two individuals and corporations under their control, for an alleged fraudulent investment scheme.  According to the SEC, Defendants sold investors “prime bank instruments” that they promised would generate large returns.  In reality, the SEC alleges, the instruments were fictitious, and Defendants misappropriated investors’ funds for personal expenses.  One individual Defendant and two Defendant corporations have agreed to pay amounts to be determined by the court.

SEC Complaint

SEC Litigation Release