SEC Comes Down On $60M Ponzi Scheme

Law360, New York (January 7, 2011, 6:32 PM EST) -- The U.S. Securities and Exchange Commission has busted a Utah businessman and three associates for allegedly running a Ponzi scheme that bilked investors out of $60 million.

The complaint, filed Thursday in the U.S. District Court for the District of Utah, claims Raymond Morris operated a massive offering fraud that duped investors into thinking they were acquiring high-yield notes as part of a lucrative leasing fund.

Morris told investors he was raising capital for an exclusive investment fund that used investor money to secure lines of...
To view the full article, register now.




Case Information

Case Title

Huey Farrell v. Historic Restoration, Inc.

Case Number



Louisiana Eastern

Nature of Suit

Other Statutory Actions


Sarah S. Vance

Date Filed

January 6, 2011

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.