Securities
Apr. 29, 2011
SEC Steps Up Enforcement
After overlooking several multi-billion-dollar Ponzi schemes the SEC has revamped its operations, created a new office to sniff out investment fraud and is busting investment fraud schemes with far greater efficiency than in the past.
Daily Journal Staff Writer
LOS ANGELES - Securities and Exchange Commission lawyers persuaded a federal judge to shut down a Beverly Hills hedge fund allegedly targeting the Christian community and others in what had the earmarks of an investment fraud scheme. But the case comes with a twist: The hedge fund's principal, Elijah Bang, and salesman Daniel Lee had yet to raise any money.
Lawyers who watch the SEC said the case...
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