SEC Charges USA Capital's Ex-President With Fraud

Law360, New York (April 23, 2008, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has charged the former president of USA Commercial Mortgage Co. over an alleged multimillion-dollar fraud that forced the real estate brokerage house into bankruptcy two years ago.

The federal regulator claims in a suit filed Wednesday in the U.S. District Court for the District of Nevada that Joseph Milanowski misappropriated the vast majority of USA Commercial's $150 million investor fund to make unsecured loans to other businesses in which he had a stake.

USA Commercial, doing business as USA Capital,...
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