AmeriFirst Exec Settles With SEC Over Fraud Scheme

Law360, New York (March 31, 2009, 12:00 AM EDT) -- The president of disgraced securities company AmeriFirst Funding Inc. has reached a settlement with the U.S. Securities and Exchange Commission over his alleged involvement in a scheme to con elderly investors out of as much as $55 million and use the money to buy luxury items.

On Monday in the U.S. District Court for the Northern District of Texas, Judge Sidney A. Fitzwater approved the SEC's unopposed motion to enter judgment against remaining defendant Dennis W. Bowden, permanently enjoining him from violating federal securities laws and...
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