SEC Strikes Deals In $8.6M China Voice Ponzi Suit

Law360, New York (November 14, 2011, 8:19 PM EST) -- The U.S. Securities and Exchange Commission on Monday tentatively settled with China Voice Holding Corp.'s former chief financial officer and several other players over an alleged $8.6 million Ponzi scheme run by the telecom provider.

SEC commissioners must still approve the proposed settlement with a group of eight executives and investment companies led by ex-China Voice CFO David Ronald Allen, as well as two others with China Voice and former CEO William F. Burbank IV, filed Thursday in Texas federal court.

Terms of the proposed Burbank...
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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

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