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...
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Case Title

Huey Farrell v. Historic Restoration, Inc.


Case Number

2:11-cv-00021

Court

Louisiana Eastern

Nature of Suit

Other Statutory Actions

Judge

Sarah S. Vance

Date Filed

January 6, 2011

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