SEC lacks rules but starts filing complaints of fraud
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
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- No more room on iPad? You’ll need to trim some of that fat
- 8th-grader gets venture capital for inexpensive Braille-printer
- As banking goes mobile, branch closures rip through local economy
- Decoding mutual funds jargon
- Employers prepare for demographic shift
- Taxpayer clinics fill IRS void
- Cheap gas lets small business dream big
- Plus-size fashion bloggers recruited
- Drillers bid millions for oil, gas beneath West Virginia public lands
- Kennametal plans plant closings, job cuts in fallout from oil and gas decline
- Fight to lift crude export ban grows