SEC Targets Mass. Man Over $3.7M Ponzi Scheme

Law360, New York (October 8, 2009, 6:35 PM EDT) -- The U.S. Securities and Exchange Commission has slapped a Massachusetts resident with a suit alleging he fraudulently raised at least $3.7 million by telling investors they were buying shares in companies including AOL/Time Warner Inc., Google Inc. and Facebook Inc. in anticipation of expected initial public offerings.

The SEC filed its complaint Wednesday in the U.S. District Court for the Northern District of Illinois, alleging that Randy Cho, who holds no professional licenses in the securities industry, used investors' money for himself and his family and...
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