AmeriFirst Execs Targeted Over $35M Fraud Scheme

Law360, New York (July 3, 2007, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has accused two men who control several Texas securities corporations as well as a used car dealership of conning elderly investors out of roughly $35 million, and maybe as much as $55 million, and of using the money to buy houses, cars and an airplane.

The SEC filed suit Monday in the U.S. District Court for the Northern District of Texas, alleging Jeffrey C. Bruteyn, Dennis W. Bowden and their securities companies, AmeriFirst Funding Inc. and AmeriFirst Acceptance Corp., violated...
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