SECURITIES AND TRADE COMMISSION SEC BRINGS CRISIS ENFORCEMENT ACTION AGAINST SOUTH FLORIDA CHECK CASHING COMPANY AND AFFILIATES

SECURITIES AND TRADE COMMISSION SEC BRINGS CRISIS ENFORCEMENT ACTION AGAINST SOUTH FLORIDA CHECK CASHING COMPANY 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 a crisis 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 company that is start-up 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 own affiliates. The Commission alleges that defendants raised at the least $800,000 from at the very least 30 investors by fraudulently providing and membership that is selling in Ace Payday through telemarketers called “independent product product sales workplaces” or “ISOs. ” The Complaint alleges that defendants told investors that 90% associated with providing profits could be utilized to build up Ace Payday’s company whenever, in reality, 40% to 45% went along to the ISOs as product sales commissions. The Complaint additionally alleges that defendants lured investors by guaranteeing investment that is excessive and also by baselessly projecting extremely positive earnings all the way to 720percent 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. 继续阅读“SECURITIES AND TRADE COMMISSION SEC BRINGS CRISIS ENFORCEMENT ACTION AGAINST SOUTH FLORIDA CHECK CASHING COMPANY AND AFFILIATES”