Horizon Holdings To Cough Up $7M From Ponzi Plot

Law360, New York (March 25, 2010, 3:56 PM EDT) -- The U.S. Securities and Exchange Commission has asked a federal court to order Horizon Property Holdings LC and its principal officer to disgorge $6.6 million and pay $780,000 in civil penalties for their alleged involvement in a real estate Ponzi scheme.

The SEC said the defendants' attorneys had told the agency that they were unlikely to object to the relief requested, according to the motion for final judgment filed Wednesday in the U.S. District Court for Central District of California.

Representatives for the defendants did not...
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