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...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Securities and Exchange Commission v. Allen et al


Case Number

3:11-cv-00882

Court

Texas Northern

Nature of Suit

Other Statutes: Securities/Commodities/Exchange

Judge

Reed C O'Connor

Date Filed

April 28, 2011

Government Agencies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.