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SEC Sues Florida Men for Bilking Teachers in $22 Million Scam
The U.S. Securities and Exchange Commission sued two Florida men, claiming they defrauded teachers and retirees in a $22 million Ponzi scheme by posing as a private-equity fund while enriching themselves. James D. Risher and Daniel Sebastian fraudulently lured more than 100 investors with promises of annual returns of as much as 124 percent, the SEC said today in a lawsuit filed in U.S. District Court in Florida. Risher, who spent 11 of the past 21 years in jail, spent customers’ funds on jewelry, gifts and real estate in North Carolina and Florida, the SEC said. “Risher, who masqueraded as a highly successful ... (full story)
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