SEC Strikes At Alleged $300M Gold Mine Ponzi Scheme

Law360, New York (June 10, 2010, 7:36 PM EDT) -- Federal regulators on Thursday pounced on an alleged $300 million Ponzi scheme run by the owners of Syndicated Gold Depository SA and numerous associates, including two Florida attorneys, that duped thousands of investors in a sham gold mining operation.

The U.S. Securities and Exchange Commission filed suit Thursday in the U.S. District Court for the Western District of Washington, accusing six individuals and four companies of perpetrating an elaborate and long-running fraud that lured investors with promises of prodigious returns and fully collateralized investments.

The Calgary-based...
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