HOUSTON (AP) —
A Houston-area businessman charged by the Securities and Exchange Commission with defrauding investors of $114 million through a Ponzi scheme has agreed to return allegedly ill-gotten gains with interest.
The SEC's case filed in federal court Monday charges Frederick Alan Voight with defrauding more than 300 investors in multiple offerings of promissory notes issued by two partnerships he owns.
The complaint alleges that while Voight's latest offering promised investors returns as high as 42 percent a year from loans to small public companies, most of the funds went to pay earlier investors.
Without addressing the allegations, Voight agreed to settle the SEC's complaint by consenting to permanent injunctions against committing these violations in the future. He also agreed to asset freezes and to pay civil penalties.
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Houston businessman charged with running Ponzi scheme
- Tuesday, 04 August 2015 15:48
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