January 28, 2016

July 30, 2015

The SEC charged two men and eight companies with defrauding investors who purchased the companies’ securities and so-called “charitable gift annuities.”  According to the SEC’s complaint, the two men, the CEO and CFO of Defendant 54Freedom, Inc., repeatedly misled investors regarding company prospects.   The alleged scheme raised at least $8 million from 125 or more investors over seven years.  In a parallel criminal action, the U.S. Attorney’s Office of the Northern District of New York announced on July 24th that it arrested one of the men on charges of fraud and money laundering related to the “charitable gift annuities.”  SEC

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