Sovereign International Accused Of Investment Scam

Law360, New York (June 6, 2011, 2:46 PM EDT) -- The U.S. Securities and Exchange Commission sued the two owners of Sovereign International Group LLC on Friday in Michigan for an alleged scheme that authorities say capped a $15.3 million string of investment frauds.

The SEC accused Ronald Abernathy, 66, of Scottsdale, Ariz., and Arthur Weiss, 61, of Pasadena, Calif., and Delray Beach, Fla., of swindling $560,000 from investors in a scheme run through Sovereign, which was also named in the complaint.

From Sovereign's inception in 2008 to at least January 2011, the men allegedly sold...
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