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SEC charges The Lifepay Group, SMDRE LLC, principals in alleged schemes targeting seniors

( April 9, 2018, 17:48 GMT | Official Statement) -- MLex Summary: The US Securities and Exchange Commission on Monday announced that it charged two Texas companies and their principals in a $2.4 million Ponzi scheme and in a related fraud targeting retirees. The complaint alleges that, from 2010 to 2017, Clifton E. Stanley ran a Ponzi scheme through his retirement planning and real estate investment business, The Lifepay Group. In addition, the complaint alleges that, beginning in 2015, Stanley and Michael E. Watts orchestrated a second offering fraud, convincing a group of predominantly elderly victims to invest roughly $1.4 million in their company, SMDRE LLC, through misrepresentations.Statement follows in full. Also see document below. ...

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