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$23M Ponzi Plot Targeted Hispanic-Americans: SEC

Law360 (April 14, 2009, 12:00 AM EDT) -- An investment promoter and her firm targeted the Hispanic-American community by peddling supposed no-risk, high-yield returns on unregistered securities in a Ponzi scheme that bilked at least 150 investors in seven states out of $23 million, the U.S. Securities and Exchange Commission alleged in a fraud suit filed Tuesday.

The SEC filed the suit in the U.S. District Court for the Central District of California, accusing Celia A. Flores and her company, California-based Maximum Return Investments Inc., of securities fraud and misappropriating funds from dozens of...
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