SEC Freezes Assets Of Dallas Firm Allegedly Operating $8.6M Ponzi Scheme
The Securities and Exchange Commission (SEC) announced that it had filed suit against a Dallas, TX company, China Voice Holding Corporation, for allegedly operating an $8.6 million Ponzi scheme. According to the release, the company is said to have telecommunications products in the United States and China, according to Reuters.
In the federal complaint that was filed, the company along with its former CEO violated securities laws by making fraudulent statements about the financial condition of China Voice via spam fax campaigns. The federal court has frozen the assets of China Voice pending the outcome of the case.