SEC Accuses Canopy, Founder Of $75M PPO Fraud

Law360, New York (December 3, 2009, 4:15 PM EST) -- The U.S. Securities and Exchange Commission has accused health care banking technology startup Canopy Financial Inc. and founder Jeremy Blackburn of misrepresenting the company's financial condition to investors ahead of a $75 million private placement offering, then skimming millions of dollars off the top of the funds raised.

The SEC filed a complaint Monday in the U.S. District Court for the Northern District of Illinois alleging Canopy and Blackburn falsified financial statements, audit reports, and bank statements and made inaccurate monthly operating reports to investors....
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