{"id":221,"date":"2007-09-10T06:19:59","date_gmt":"2007-09-10T06:19:59","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2007\/09\/sec_files_charges_in_428_finan_1"},"modified":"2021-09-20T15:41:19","modified_gmt":"2021-09-20T20:41:19","slug":"sec-files-charges-in-428-finan-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-files-charges-in-428-finan-1\/","title":{"rendered":"SEC Files Charges in $428 Million Securities Fraud Case Over Exploitation of Senior Investors"},"content":{"rendered":"

\t\t\t\tThe Securities and Exchange Commission filed charges against 26 defendants for their alleged involvement in a $428 million securities fraud scheme<\/a> targeting thousands of senior citizens and other investors in the United States. <\/p>\n

According to the SEC action, filed in Chicago’s federal district court, the defendants participated in selling “Universal Lease” securities that were structured as timeshares in hotels located in Cancun, Mexico. A pre-arranged rental agreement promising investors a high, fixed return rate was also included. The fraudulent scheme fell apart and investors have reportedly lost more than $300 million from the scam.<\/p>\n

The SEC says that Michael E. Kelly and others scammed thousands of U.S. investors by persuading them to spend their retirement savings on the purchase of Universal Leases. Kelly and his team falsely promised returns that were secure and guaranteed. The SEC claims that Kelly and his group raised at least $428 million from investors, with IRA accounts as the source of over $136 million. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The Securities and Exchange Commission filed charges against 26 defendants for their alleged involvement in a $428 million securities fraud scheme targeting thousands of senior citizens and other investors in the United States. According to the SEC action, filed in Chicago’s federal district court, the defendants participated in selling “Universal Lease” securities that were structured […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3803],"tags":[],"class_list":["post-221","post","type-post","status-publish","format-standard","hentry","category-senior-investors"],"yoast_head":"\nSEC Files Charges in $428 Million Securities Fraud Case Over Exploitation of Senior Investors — Investor Lawyers Blog — September 10, 2007<\/title>\n<meta name=\"description\" content=\"The Securities and Exchange Commission filed charges against 26 defendants for their alleged involvement in a $428 million securities fraud scheme — September 10, 2007\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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