{"id":670,"date":"2010-04-02T19:04:27","date_gmt":"2010-04-02T19:04:27","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2010\/04\/texas_securities_fraud_sec_sue"},"modified":"2021-09-20T15:44:00","modified_gmt":"2021-09-20T20:44:00","slug":"texas-securities-fraud-sec-sue","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/texas-securities-fraud-sec-sue\/","title":{"rendered":"Texas Securities Fraud: SEC Sues Two Individuals For Allegedly Running Multi-Million Dollar Scheme Involving Viaticals"},"content":{"rendered":"

\t\t\t\tIn the U.S. District Court for the Southern District of Texas, the US Securities and Exchange Commission is suing Kelly Gipson and Charles Jordan for allegedly orchestrating a multi-million dollar viaticals scam<\/a> (in the secondary market for life insurance). On March 22, the agency said the court had granted its request for a temporary order to freeze the defendants’ assets.<\/p>\n

Also, a receiver has been appointed to take charge of their business, American Settlements Association LLC, and their assets. The SEC is seeking preliminary and permanent injunctions, civil penalties, disgorgement plus prejudgment interest. <\/p>\n

Per the agency’s complaint, Gipson and Jordan made at least $2.3 million from March to December 2007 by selling interests in a life insurance policy to over 50 investors in 10 states. They told them they would spend the funds on future premium payments so that the policy wouldn’t lapse. Instead, Gipson and Jordan mixed investors’ money with their funds and diverted it toward their personal spending, including travel, jewelry, entertainment, and casinos.<\/p>\n

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

In the U.S. District Court for the Southern District of Texas, the US Securities and Exchange Commission is suing Kelly Gipson and Charles Jordan for allegedly orchestrating a multi-million dollar viaticals scam (in the secondary market for life insurance). 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