SEC Settles Lawsuit with Texas Resident Accused of Running an Investment Scam

Posted on September 29th, 2017 at 9:08 AM
 SEC Settles Lawsuit with Texas Resident Accused of Running an Investment Scam

From the Desk of Jim Eccleston at Eccleston Law LLC:

The SEC has settled a lawsuit with Texas resident, James G. Temme along with his company, Stewardship Fund LP allegedly for operating a $25 million fraudulent investment scheme with 100 different individual investors.

According to the SEC, Mr. Temme, through Stewardship Fund, defrauded investors who were deceived into believing that they were investing in restructured pools of nonperforming residential mortgages.

More specifically, the SEC’s complaint asserted that Mr. Temme told investors he could buy “tapes” of distressed, foreclosed or otherwise troubled mortgages at a discount and then work with the homeowners to modify the mortgages to get them back up to speed. However, instead of buying the distressed mortgages, he used the investors’ funds to pay off other investors.

According to the SEC, Mr. Temme and Stewardship Fund LP agreed to pay over $3.4 million in disgorgement, civil monetary penalties and interest.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial advisors including Broker Litigation & ArbitrationStrategic Consulting ServicesRegulatory  MattersTransition Contract Review, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: Jim Eccleston, Eccleston Law, Eccleston Law LLC, Eccleston, SEC, investment, scam

Return to Archive

TESTIMONIALS

Previous
Next

Thank You from the bottom of our hearts for all you have done for us. When we realized this was a very bad investment - we did not know where to turn for help. Then we received your name. When we called you - you were so kind to us and then agreed to help us. For this we are so very grateful. The world would be a much nicer place if there were more people like the two of you in it. We will always remember all the help and kindness you have shown us. Thank you so very very much for everything.

Wayne and Judy S.

LATEST NEWS AND ARTICLES

October 20, 2021
5 First-of-Their-Kind SEC Enforcement Actions Announced

Securities and Exchange Commission (SEC) Enforcement Director Gurbir Grewal recently discussed notable first-of-their-kind enforcement actions that his division has pursued.

October 19, 2021
FINRA Targets SPACs in Most Recent Exam Sweep

The Financial Industry Regulatory Authority (FINRA) has begun an examination sweep of advisors’ involvement with special purpose acquisition companies (SPACs).

October 18, 2021
SEC’s Statement on Complex Exchange-Traded Products

The Securities and Exchange Commission (SEC) recently voted to approve a pair of rule changes proposed by Cboe BZX Exchange, Inc. to list and trade shares of new exchange traded-products: the 2x Long VIX Futures ETC and the -1x Short VIX Futures ETF.