SEC Files a Complaint Against Denver-Based Group Associated with Orchestrating a $55 Million Ponzi Scheme

Posted on July 30th, 2018 at 9:48 AM
SEC Files a Complaint Against Denver-Based Group Associated with Orchestrating a $55 Million Ponzi Scheme

From the Desk of Jim Eccleston at Eccleston Law LLC:

The SEC has filed a civil complaint and obtained an emergency asset freeze against a group of companies and their principal who allegedly bilked at least 150 investors in a $55 million Ponzi scheme.  

According to the SEC's complaint, Daniel B. Rudden, owner of Financial Visions Companies, the Velocity Fund, the Victory Fund, and the Volcano Fund defrauded as many as 150 investors after promising them annual returns of 12% or more. Moreover, according to the victims, Rudden requested that his investors invest, in return for promissory notes, to fund its operations in short-term financing for funeral expenses.

However, according to the SEC, Rudden used new investor funds to pay interest and redemptions to existing investors and concealed his companies' true financial conditions.

The SEC’s complaint charges Rudden and his companies with violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Exchange Act of 1934 and Rule 10b-5 thereunder and seeks permanent injunctions, disgorgement plus prejudgment interest, and penalties.

Eccleston Law is investigating this Ponzi-scheme. Those with information should contact our law firm.

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 investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, 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: james eccleston, eccleston law, eccleston law llc, eccleston, SEC, velocity fund, rudden

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