Investment Firm Said To Settle $10M SEC Ponzi Suit

Law360, New York (June 16, 2010, 5:23 PM EDT) -- The U.S. Securities and Exchange Commission has accused venture capital firm United American Ventures LLC of running a Ponzi scheme through the sale of $10 million in convertible bonds, but the company's president said Wednesday that the dispute has already been settled.

It was not immediately clear what financial liability UAV would face from the suit, filed Monday in the U.S. District Court for the District of New Mexico. UAV President Eric Hollowell told Law360 there would be no civil penalty, though a proposed final judgment...
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