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SEC Seeks $12M From Jail-Bound Investment Mgr.

Law360 (March 10, 2009, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission is seeking more than $12 million in disgorgement and civil penalties from an Oregon man sentenced to 10 years in prison last month for allegedly bilking investors out of millions of dollars.

Charles Wesley Rhodes Jr., 57, consented to a permanent injunction in 2007 after he was accused of taking millions from clients looking to invest in stocks and bonds and instead spending it on himself, purchasing lavish automobiles and sports memorabilia.

He pled guilty in August 2007 to one...
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