$27M Ponzi Schemer Promised Returns, Oil Wealth: SEC

Law360, New York (November 11, 2010, 4:55 PM EST) -- The U.S. Securities and Exchange Commission has accused Joseph Paul Zada of running a $27.5 million Ponzi scheme through his company Zada Enterprises LLC, luring investors with promises of guaranteed returns and tall tales of Middle Eastern oil investments.

In a complaint filed Wednesday in the U.S. District Court for the Eastern District of Michigan, the SEC alleged that Zada sold securities in the form of promissory notes to at least 60 investors between January 2006 and August 2009, touting the notes as providing rates of...
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