Event Promoter Sued, Indicted Over $5M Investment Scam

Law360, New York (November 14, 2011, 8:25 PM EST) -- Event promoter and ex-University of Pennsylvania basketball player Tyrone L. Gilliams Jr. was slammed with an indictment and a U.S. Securities and Exchange Commission suit Monday in New York federal court alleging he misappropriated about $5 million fraudulently collected from investors.

The SEC accuses TL Gilliams LLC and Gilliams, also charged with wire and securities fraud, of misleading investors by claiming to trade in U.S. Treasury Strips — securities derived from Treasury bonds.

“Neither Gilliams nor TLG ever intended to purchase any ... Treasury Strips on...
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