DBSI Bosses Charged With Lying About Firm's Finances
Law360, New York (April 11, 2013, 10:17 PM EDT) -- A federal grand jury on Wednesday indicted the former president and three top officers of bankrupt real estate investment company DBSI Inc. on charges that they represented that the company was profitable when it was actually using new investor funds to pay returns to other investors.
The 83-count indictment includes counts of conspiracy to commit securities fraud, wire fraud, mail fraud and interstate transportation of stolen property arising out of the collapse of DBSI, which filed for bankruptcy in November 2008. It seeks forfeiture of property and assets totaling $169 million against former DBSI President Douglas Swenson, general counsel Mark Ellison...
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