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SEC lacks rules but starts filing complaints of fraud

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Friday, April 26, 2013, 9:17 p.m.

The rules aren't even in place yet but allegations of fraud are already flying.

The Securities and Exchange Commission is crafting rules to implement a new law that makes it easier for private firms to raise money from the general public.

The agency has accused a Washington firm and its owner, Daniel Peterson, of using the new law to lure investors into forking over cash for a phony deal that promised “fictitious” returns. Peterson denied the allegations.

The complaint, filed Thursday in federal court in Spokane, Wash., marks the first time the agency has accused someone of referencing the Jobs Act as part of a fraudulent scheme, according to the SEC.

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