Securities
Mar. 6, 2010
Ponzi Bust Shifts Focus for SEC
The Securities and Exchange Commission announced it halted a $14.7 million Ponzi scheme targeting retired Los Angeles County bus drivers, pointing up a heavy new focus on investment schemes over more intensive corporate fraud cases.
Daily Journal Staff Writer
LOS ANGELES - The Securities and Exchange Commission announced Thursday it halted a $14.7 million Ponzi scheme that swept up dozens of retired bus drivers in Los Angeles County and decimated their pensions.
The case is the SEC's second bust this week of an investment fraud scheme, and points up what some observers have described as a renewed focus on Ponzi-like schemes to the exc...
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