UAV Settles SEC Suit Over Alleged $10M Ponzi Scheme

Law360, New York (March 12, 2012, 6:37 PM EDT) -- Venture capital fund United American Ventures LLC has agreed to settle U.S. Securities and Exchange Commission allegations that it sold $10 million in purported bonds that went to fund a Ponzi scheme, the SEC said Monday.

The SEC says Irving, Calif.-based UAV told investors that it had a strong track record from investing in medical companies and promised 25 percent annual returns on what it called “convertible bonds.”

UAV did not actually invest the money it took in, and instead used it to pay its principals...
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