SEC Says Christian Music Co. Lied To Investors To Raise $3M
Law360 (November 8, 2019, 5:47 PM EST) -- The U.S. Securities and Exchange Commission asked a Maine federal judge on Friday to grant it a win in its suit accusing a Christian concert promoter of raising $3 million by lying to investors about where their money was going.
The agency is seeking summary judgment against The Lighthouse Events LLC and its founder, Jeffrey E. Wall, based on a statement of purportedly undisputed facts showing Wall used investors' money to pay off high-interest debt Lighthouse had incurred amid declining ticket sales.
Calling it an "affinity fraud," the SEC claims Wall sought investments from self-identifying Christians who thought they were only...
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