SEC Charges 14 Agape World Ponzi Scheme Brokers
The Securities and Exchange Commission has charged 14 former sales agents, including four pairs of siblings, for misleading investors while earning more than $52 million in commissions in the $400 million Agape World Ponzi scheme.
The SEC alleges that the sales agents falsely promised investor returns as high as 12 to 14 percent in several weeks when they sold investments offered by Hauppauge-based Agape World. They also misled investors to believe that only 1 percent of their principal was at risk. The Agape securities they peddled were actually non-existent, and investors were merely lured into a Ponzi scheme where earlier investors were paid with new investor funds, according to the SEC
Read more about this topic: Nicholas Cosmo
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