1 Global Ex-CEO Has No Defense In $287M Suit, SEC Says
Law360 (June 5, 2019, 4:35 PM EDT) -- The U.S. Securities and Exchange Commission told a Florida federal court Tuesday that 1 Global's former CEO can no longer deny that the notes issued by the cash advance business were unregistered securities given a judge's order saying they met the definition.
The agency asked U.S. District Judge Beth Bloom for summary judgment against Carl Ruderman on the first count of an enforcement action alleging 1 Global Capital LLC and its erstwhile leader fraudulently raised more than $287 million — and misappropriated at least $35 million of it — from thousands of investors over four years.
While rejecting Ruderman's bid to...
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