SEC Charges Sunwest With Huge Ponzi Scheme

Law360, New York (March 2, 2009, 12:00 AM EST) -- The U.S. Securities and Exchange Commission has filed a lawsuit against retirement home operator Sunwest Management Inc., alleging that the company, its affiliated entities and its former CEO engaged in a massive fraud that resulted in investors losing hundreds of millions of dollars.

In a complaint filed Monday in the U.S. District Court for the District of Oregon, the SEC charged Sunwest and former CEO Jon Harder with securities fraud, claiming that as the economy unraveled, the company ended up running what was essentially a Ponzi...
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