{"id":5431,"date":"2013-03-24T00:00:00","date_gmt":"2013-03-24T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2013\/03\/sec_actions_roundup_bridge_pre"},"modified":"2022-05-04T13:36:26","modified_gmt":"2022-05-04T18:36:26","slug":"sec-actions-roundup-bridge-pre","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-actions-roundup-bridge-pre\/","title":{"rendered":"SEC Actions Roundup: Bridge Premium Finance Settles Over Alleged $6M Ponzi Scam, Ex-Lancer Group Hedge Fund Manager\u2019s Lawyer Sues Over FOIA Request, & Private Equity Firm Ranieri Partners Settles Securities Allegations"},"content":{"rendered":"\n

SEC Settles with Bridge Premium Finance Over Alleged $6M Ponzi <\/strong><\/p>\n

The U.S. District Court for the District of Colorado has approved a proposed settlement between the SEC and Premium Finance LLC, William Sullivan, and Michael Turnock. The three of them are accused of selling financing so that small businesses could cover their insurance premiums. The alleged Ponzi scam<\/a> purportedly cost investors $6 million, even as they were promised up to 12% in returns.<\/p>\n

Judge John Kane had initially rejected the proposed settlement, which came with SEC\u2019s standard language allowing defendants to resolve cases without denying or admitting to the allegations. Pointing to strong federal policy that favors consent judgments and the \u201climited and deferential\u201d review the courts have over such agreements, last month the Commission asked the court to reconsider. It also noted that such admissions could hurt the regulator\u2019s enforcement program, potentially causing harm to the public. Turnock and Sullivan also filed a response to the complaint and admitted to some of the allegations.<\/p>\n

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

SEC Settles with Bridge Premium Finance Over Alleged $6M Ponzi The U.S. District Court for the District of Colorado has approved a proposed settlement between the SEC and Premium Finance LLC, William Sullivan, and Michael Turnock. The three of them are accused of selling financing so that small businesses could cover their insurance premiums. The […]<\/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":[3792,3760,3795,3761],"tags":[],"class_list":["post-5431","post","type-post","status-publish","format-standard","hentry","category-ponzi-scams","category-sec-enforcement","category-sec-settlements","category-securities-and-exchange-commis"],"yoast_head":"\nSEC Actions Roundup: Bridge Premium Finance Settles Over Alleged $6M Ponzi Scam, Ex-Lancer Group Hedge Fund Manager\u2019s Lawyer Sues Over FOIA Request, & Private Equity Firm Ranieri Partners Settles Securities Allegations — Investor Lawyers Blog — March 24, 2013<\/title>\n<meta name=\"description\" content=\"SEC Settles with Bridge Premium Finance Over Alleged $6M Ponzi The U.S. District Court for the District of Colorado has approved a proposed settlement — March 24, 2013\" \/>\n<meta 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