SEC Freezes Assets Of Alleged $8.6M Ponzi Schemers

Law360, New York (April 29, 2011, 4:49 PM EDT) -- The U.S. Securities and Exchange Commission said Friday it had frozen the assets of China Voice Holding Corp. and filed suit in Texas accusing the purported telecommunications company's executives of running an $8.6 million Ponzi scheme.

In a complaint filed Thursday in Texas federal court, the SEC alleges China Voice co-founder and ex-Chief Financial Officer David Ronald Allen and other executives funneled investor money into China Voice and other Allen-controlled companies and accounts rather than loaning it to high-performing companies as promised.

This particular Ponzi scheme...
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