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Monday April 18, 09:15
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SEC revealed rascals again
(by Helen Snow)
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The Securities and Exchange Commission has filed civil charges against two Frederick businessmen, Larry M. Parrish and Michael E. Zimmerman, as well as related companies. The agency states that businessmen swindled more than $8 million out of investors and used the money to make speculating trades in the gold and silver markets.
SEC lawyers said the manipulation involved a scheme in which rascals often sate that investors’ funds will be used to acquire and trade "prime bank" financial instruments on surreptitious foreign markets generating huge returns.The SEC claims that there is neither the instruments, nor the markets in reality.
Most of the money was channeled to Capital Ban Corp., a California company, and afterall used in speculative tradings of precious metals, according to regulators.
SEC lawyer John R. Stark said the agency has frozen about 85% of the $8.2 million in assets for the moment and is going to return it to investors.
Meanwhile, the agency’s investigation is in the process, Stark said.
Defense lawyer D. Christopher Ohly sated his eagerness to investigate the case. «Our clients obviously have a very different view,» he said.
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