SEC Sues Former Sales VP In $30M Fraud Case

Law360, New York (January 22, 2009, 12:00 AM EST) -- The U.S. Securities and Exchange Commission has alleged that the former vice president of sales for a company accused of bilking investors out of $30 million lied to consumers about investment risks and used fictitious financial statements to lure new clients.

On Jan. 16, in the U.S. District Court for the Northern District of Georgia, the SEC filed a complaint against former Coadum Advisors Inc. Vice President Ross Owen Haugen, accusing him of securities fraud and making securities deals without broker-dealer registration.

In the suit, announced...
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