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Principals of a Florida-based investment firm have agreed to pay $8.6 million to settle an SEC civil suit accusing them of misusing nearly $127 million from investors. The two men, who ran Pension Fund of America and PFA Assurance Group, agreed to forfeit $4.2 million in cash and $4.4 million in assets according to a settlement filed Feb. 5. PFA sold retirement trust plans, but the offering materials allegedly failed to disclose that up to 90 percent of invested funds went to company charges.

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Posted on Saturday, February 17th, 2007. Filed under: In-House Counsel, Law Misc

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Principals of a Florida-based investment firm have agreed to pay $8.6 million to settle an SEC civil suit accusing them of misusing nearly $127 million from investors. The two men, who ran Pension Fund of America and PFA Assurance Group, agreed to forfeit $4.2 million in cash and $4.4 million in assets according to a settlement filed Feb. 5. PFA sold retirement trust plans, but the offering materials allegedly failed to disclose that up to 90 percent of invested funds went to company charges.

Popularity: 1% [?]

Posted on Saturday, February 17th, 2007. Filed under: Business Law, Law Misc

You can leave a response, or trackback from your own site.

Rate This Post - Vote Now!