Calif. Regulators Pin $23M Ponzi On Insurance Broker CEO

Law360, Los Angeles (September 21, 2012, 7:30 PM EDT) -- California regulators on Thursday accused the head of two insurance brokerage firms and two other individuals of operating a Ponzi scheme that targeted senior citizens and defrauded investors out of approximately $23.2 million

The California Corporations Commissioner claims Michelle Seward, who is the CEO of Protege Financial Services Inc. and Saxe-Coburg Insurance Solutions Services Inc., fraudulently sold securities in film production companies that were purportedly producing independent movies and other entertainment projects.  

Investors were promised annual rates of return of between 8 and 16 percent generated...
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