TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

SEC lacks rules but starts filing complaints of fraud

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.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. Dick’s cuts PGA professionals as golf business declines
  2. Federal appeals courts disagree on Obamacare subsidies
  3. China meat scandal hits Starbucks, Burger King, McDonald’s
  4. Amwell wastewater site to be shut down
  5. 10 million Americans sought help to enroll in Obamacare
  6. Chrysler recalls up to 792K Jeep SUVs for ignition switch defect
  7. Vending machines aren’t just for potato chips
  8. Infrastructure problematic in oil boom
  9. Entrepreneurial teen mines bitcoins, contributes toward electric bill
  10. Jobless rate unchanged as Pennsylvanians gave up search for work
  11. Airbus tops Boeing for 2nd straight year in airshow orders race
Subscribe today! Click here for our subscription offers.