SEC Secures Injunctions In $300M Gold Mine Scheme

Law360, New York (November 15, 2010, 12:35 PM EST) -- The U.S. Securities and Exchange Commission has secured the entry of injunctions against a slew of individual defendants in a suit alleging a $300 million Ponzi scheme run by the owners of Syndicated Gold Depository SA and numerous associates.

In an order Friday, Judge Richard A. Jones of the U.S. District Court for the Western District of Washington granted the agency's bid for preliminary injunctions against three individual defendants and permanent injunctions against two defendants who allegedly duped thousands of investors in a sham gold mining...
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