Calif. Money Manager Banned From Selling Stock

Law360, New York (April 25, 2011, 6:23 PM EDT) -- A California federal judge barred IU Group Inc. owner Elijah Bang on Friday from selling company stock, in a U.S. Securities and Exchange Commission suit accusing him and an associate of soliciting religious investors with returns for "devoted Christians.”

U.S. District Judge Margaret M. Morrow agreed that it was likely IU, Bang and sales associate Daniel Lee gave misrepresentations to potential investors, including telling them that IU had $800 million under management and that its clients consisted of corporate executives, professional athletes and actors.

She slapped...
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