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SEC Accuses Investment Site Of $4M Ponzi Scheme

Law360 (February 10, 2009, 12:00 AM EST) -- Online investment firm Quest Holdings Inc. is facing a lawsuit from the U.S. Securities and Exchange Commission alleging that its Web site, EarnByLoaning.com, defrauded investors of more than $4 million through a Ponzi scheme.

The complaint, filed on Monday in the U.S. District Court for the Eastern District of Washington, alleges that Quest and its CEO, Craig T. Jolly, promised investors monthly returns of up to 19.5 percent if they purchased securities through Quest’s Web site.

However, according to the SEC, the company invested only about...
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