Court Freezes Firm's Assets In $21M Fraud Suit

Law360, New York (June 10, 2008, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has won an emergency order freezing the assets of Lincoln Funds International Inc., an investment advisory firm that has allegedly defrauded hundreds of investors out of more than $21 million over four years.

The SEC said Wednesday it filed an action in the U.S. District Court for the Central District of California against the firm and its three principals and obtained a temporary restraining order after one defendant emptied the funds' accounts earlier this month.

The commission alleges Costa Mesa,...
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