Accused Fraudsters Told To Pay $30M In SEC Suit

Law360, New York (July 10, 2009, 12:00 AM EDT) -- A federal judge has ordered three individuals accused of running a complex offering fraud that took in over $30 million from investors through telemarketing and bogus seminars to return their profits and pay $130,000 each in civil penalties.

Judge Virginia A. Phillips of the U.S. District Court for the Central District of California granted the U.S. Securities and Exchange Commission's motion for default judgment against Pacific Wealth Management LLC, Stonewood Consulting Inc., Total Return Fund LLC and the individual defendants on July 6.

The SEC alleged...
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