SEC Sues Finance Co. Over Alleged $11M Fraud

Law360, New York (November 19, 2008, 12:00 AM EST) -- The U.S. Securities and Exchange Commission filed a civil lawsuit Tuesday against a bankrupt Tennessee financial services company it said fraudulently sold more than $11 million in stock over three years, and is seeking to retrieve all ill-gotten gains from the estate of the company's deceased founder.

According to the complaint filed in U.S. District Court for the Middle District of Tennessee, J.C. Reed & Co. Inc. sold more than $11 million in stock through its advisory subsidiary between 2005 and September 2008. The company then...
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