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US SEC brings fraud claims against Nevada law firm, individuals alleging $450 million Ponzi scheme

( April 15, 2022, 17:01 GMT | Official Statement) -- MLex Summary: The US Securities and Exchange Commission has filed a lawsuit alleging securities fraud against Las Vegas-area individuals, a law firm and other businesses accusing them of engaging in a $450 million Ponzi scheme. The SEC also alleged that some of the defendants acted as unregistered securities brokers. The complaint says the defendants sold investors purported purchase agreements for interests in insurance tort settlements, offering a 12.5 percent return. The SEC alleges the defendants paid fictitious returns to investors and used the remainder to buy luxury items.Statement follows. Please see attached complaint....

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