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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.

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