Summary Box: SEC gets court order to halt alleged $34M Ponzi targeting federal employees
By APFriday, June 25, 2010
Summary Box: Alleged Ponzi scam halted
HALT TO ALLEGED PONZI: The Securities and Exchange Commission got a court order to halt an alleged $34 million Ponzi scheme targeting federal employees with promises of safe investments in a nonexistent bond fund.
SEC ALLEGATIONS: The SEC accused Jacksonville, Fla., money manager Kenneth Wayne McLeod, who died Tuesday, of defrauding 260 investors, using their retirement savings to enrich himself and pay for yearly trips to the Super Bowl with 40 friends.
LURING GOVERNMENT EMPLOYEES: McLeod allegedly lured many federal employees through retirement planning seminars his firm put on at government agencies around the country.
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