SECURITIES AND TRADE COMMISSION SEC BRINGS CRISIS ENFORCEMENT ACTION AGAINST SOUTHERN FLORIDA CHECK CASHING BUSINESS AND AFFILIATES

SECURITIES AND TRADE COMMISSION SEC BRINGS CRISIS ENFORCEMENT ACTION AGAINST SOUTHERN FLORIDA CHECK CASHING BUSINESS AND AFFILIATES

LITIGATION LAUNCH NO. 17422 / March 19, 2002

Securities and Exchange Commission v. ACE Payday Plus, LLC d/b/a ACE Payday Plus II, LLC, ACE Management, LLC, ACE Payday Management, Inc., and James Bianco, Case No. 1-02-20858-Civ. -Ungaro-Benages (S.D. Fla. March 19, 2002)

Today, the Commission filed an urgent situation enforcement action in the usa District Court when it comes to Southern District of Florida against ACE Payday Plus, LLC, d/b/a ACE Payday Plus II, LLC („Ace Payday”), a start-up business purportedly providing „check cashing” and „payday advance” solutions; ACE Management, LLC and ACE Payday Management, Inc., two entities individually defined as Ace Payday’s Manager; and James Bianco („Bianco”), whom managed Ace Payday and its particular affiliates. The Commission alleges that defendants raised at the very least $800,000 from at the least 30 investors by fraudulently providing and attempting to sell account devices in Ace Payday through telemarketers called „independent product sales workplaces” or „ISOs. ” The Complaint alleges that defendants told investors that 90% regarding the providing profits will be utilized to build up Ace Payday’s business whenever, in fact, 40% to 45per cent went to the ISOs as product product sales commissions. The Complaint also alleges that defendants lured investors by guaranteeing investment that is excessive and also by baselessly projecting extremely positive earnings as much as 720per cent each year. The court issued an order temporarily restraining defendants from violating the antifraud and registration provisions of the federal securities laws, freezing defendants’ assets, and granting other emergency relief on the Commission’s motion. (więcej…)

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