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. Sprint cancels Framily, rolls out new data pricing plan
  2. Government may be trying to force FedEx into settlement, experts say
  3. HTC to construct Windows version of flagship phone
  4. Former Microsoft CEO Ballmer exits board of directors
  5. Designer sues Barnes & Noble over backpack profits
  6. Housing starts jump 15.7% to 8-month high, suggesting recovery back on track
  7. Cash stash bolsters U.S. Steel
  8. Milk producer to ax disputed ingredient
  9. Upbeat earnings, housing reports pump up stock market
  10. Dick’s beats expectations, but golf sinks profits
  11. Kennametal’s CEO to retire at yearend
Subscribe today! Click here for our subscription offers.