The SEC has filed a complaint against an unlicensed California savings and loan association that is also registered as a credit union in Sweden for the sale of $9 million in allegedly fake securities.
The SEC said between June 2008 and May 2009, defendants with Sun Investment Savings and Loan solicited hundreds of investors in a multi-level marketing arrangement from several states including California, Texas, Arizona and Nevada. The firm also sold securities from its Web site that allegedly promised returns as high as $35,000 each month based on a $4,995 initial investment.
Sun Investment in Milpitas, Calif. purported to be a S&L, according to the SEC. In October 2008, the California Department of Financial Institutions issued a cease and desist order against the firm to stop doing business because it was unlicensed. Sun Investment is also registered with the Swedish Companies Registration Office as a credit union.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.