SECURITIES AND TRADE COMMISSION SEC BRINGS CRISIS ENFORCEMENT ACTION AGAINST SOUTHERN FLORIDA CHECK CASHING COMPANY AND AFFILIATES

SECURITIES AND TRADE COMMISSION SEC BRINGS CRISIS ENFORCEMENT ACTION AGAINST SOUTHERN FLORIDA CHECK CASHING COMPANY AND AFFILIATES

LITIGATION RELEASE NO. 17422 / March 19, 2002

Securities and Exchange Commission v. ACE Payday Plus, LLC d/b/a ACE Payday Plus II, LLC, ACE Management, LLC, ACE Payday Management, Inc., and James Bianco, Case No. 1-02-20858-Civ. -Ungaro-Benages (S.D. Fla. March 19, 2002)

Today, the Commission filed an urgent situation enforcement action in america District Court when it comes to Southern District of Florida against ACE Payday Plus, LLC, d/b/a ACE Payday Plus II, LLC (“Ace Payday”), a start-up company purportedly providing “check cashing” and “payday advance” services; ACE Management, LLC and ACE Payday Management, Inc., two entities individually recognized as Ace Payday’s Manager; and James Bianco (“Bianco”), whom managed Ace Payday and its own affiliates. The Commission alleges that defendants raised at the very least $800,000 from at the least 30 investors by fraudulently providing and attempting to sell account devices in Ace Payday through telemarketers called “independent product product product sales offices” or “ISOs. ” The Complaint alleges that defendants told investors that 90% of this providing profits will be utilized to build up Ace Payday’s company whenever, in reality, 40% to 45per cent decided to go to the ISOs as product sales commissions. The Complaint additionally alleges that defendants lured investors by guaranteeing investment that is excessive and also by baselessly projecting extremely positive earnings as much as 720percent per 12 months. From the Commission’s motion, the court issued an purchase temporarily restraining defendants from violating the antifraud and registration conditions associated with federal securities rules, freezing defendants’ assets, and giving other crisis relief. Continue reading “SECURITIES AND TRADE COMMISSION SEC BRINGS CRISIS ENFORCEMENT ACTION AGAINST SOUTHERN FLORIDA CHECK CASHING COMPANY AND AFFILIATES”