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Land of Ponzis, Penny Stock Swindles

The Securities and Exchange Commission (SEC) has taken action against a San Diego penny stock firm and its head, and, in a separate case, against a San Diego stock promoter who appears to have played a major role in a Ponzi scheme. Yesterday (May 30), the SEC filed an action in Florida against a group of penny stock promoters including San Diego-based Unico, an issuer of penny stocks, and its chief executive, Mark A. Lopez. According to the agency's complaint, the defendants distributed billions of dollars of penny stock shares in violation of federal laws. Earlier, the agency filed suit against a group that raised $163 million from 1,200 investors for the purported building of two Caribbean resorts. James B. Catledge of San Diego used a multilevel marketing operation to raise the money through false promises that the investments were safe and would pay 12% annually, said the SEC. He was charged with fraud, unjust enrichment, and sale of unregistered securities. The money the group raised went to exorbitant commissions and to pay off early investors -- therefore, it was a Ponzi scheme, according to the SEC.

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Keep Palm and Carry On?

The Securities and Exchange Commission (SEC) has taken action against a San Diego penny stock firm and its head, and, in a separate case, against a San Diego stock promoter who appears to have played a major role in a Ponzi scheme. Yesterday (May 30), the SEC filed an action in Florida against a group of penny stock promoters including San Diego-based Unico, an issuer of penny stocks, and its chief executive, Mark A. Lopez. According to the agency's complaint, the defendants distributed billions of dollars of penny stock shares in violation of federal laws. Earlier, the agency filed suit against a group that raised $163 million from 1,200 investors for the purported building of two Caribbean resorts. James B. Catledge of San Diego used a multilevel marketing operation to raise the money through false promises that the investments were safe and would pay 12% annually, said the SEC. He was charged with fraud, unjust enrichment, and sale of unregistered securities. The money the group raised went to exorbitant commissions and to pay off early investors -- therefore, it was a Ponzi scheme, according to the SEC.

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SEC Halts Phony San Diego Investment Scheme

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4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
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