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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Case Information

Case Title

Securities and Exchange Commission v. IU Group, Inc. et al

Case Number



California Central

Nature of Suit



Margaret M. Morrow

Date Filed

January 19, 2011

Government Agencies

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