Tech Startup Founder Settles $7M Investor Fraud Case

Law360, New York (April 9, 2012, 10:50 PM EDT) -- A Silicon Valley man on Monday settled the U.S. Securities and Exchange Commission's claims that he touted his search engine as “the next Google” and falsely assured investors that his two Internet companies were poised for initial public offerings in order to secure $7 million to help them stay afloat.

In its complaint filed Monday in California federal court, the SEC claimed Benedict Van had solicited investors for two Web-based startups, namely search engine service hereUare Inc. and eCity Inc. by lying to them that the...
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