SEC Says Schemers Siphoned $10M From Investors

Law360, New York (July 19, 2007, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission filed a civil suit Wednesday against Global Finance & Investments Inc. and a slew of others it said ran “high-risk” investment scams that preyed upon over 100 investors nationwide.

The SEC said it discovered the securities scam during its investigation of Travis Correll's then-failing alleged Ponzi scheme.

In a Ponzi scheme, one gives returns to investors from money paid by those who invested later rather than from revenues generated. Once the flow of new investors slows, existing investors are left...
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