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SEC Alleges Men Bilked Elderly In CD Scam

Law360 (October 20, 2006, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission filed a lawsuit Wednesday against two brothers and another man, accusing them of selling $1.7 million in investors notes and using the proceeds for personal expenses and as funding for their high-risk mortgage business.

The lawsuit, filed in the U.S. District Court for the Northern District of Illinois, accuses Gari Aldridge; his brother, Tracey Aldridge; their business, Century Financial Services; and an unregistered broker, James Casmay of violating securities laws.

The SEC is asking for permanent injunctions and disgorgement of...
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