Heads Of $23M Ponzi Scheme Barred From Selling Securities

Law360, Los Angeles (September 11, 2013, 7:18 PM EDT) -- A California state judge Wednesday barred the head of two insurance brokerage firms and two other individuals from selling certain securities or acting as investment advisers, after state securities regulators accused the defendants of operating a $23 million Ponzi scheme by claiming to raise money for movie productions.

Los Angeles Superior Court Judge Barbara A. Meiers granted in part the regulators' request for a preliminary injunction against Michelle Seward, the CEO of Protege Financial Services Inc. and Saxe-Coburg Insurance Solutions Services Inc.; Dror Soref, the writer-director...
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