April 1, 2020

A Christian concert promoter and his business have settled with the SEC over charges of defrauding 145 investors of $3 million.  According to a press release, Jeffrey Wall of Maine and his business, The Lighthouse Events LLC, had promised investors that investments intended to promote Christian music concerts were “secured” and “guaranteed,” when in fact they were being used to pay off debt and make payments to earlier investors.  Each of the defendants have since been ordered to pay nearly $1.6 million each in civil penalties, $1.6 million in disgorgement, and over $200,000 in prejudgment interest.  SEC

Tagged in: Financial and Investment Fraud, Misrepresentations, Ponzi Schemes,