InfoAnda - SEC freezes China Voice assets, cites Ponzi scheme |

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Analysis: Press barons lose information monopoly in Twitter era | | 15 July 2011
Robert Downey Jr. attached to star in musical film | 4 December 2010
S.Korea exporters Q3 sentiment at 5-qtr high-survey | 22 June 2009

China tracks Mexico plane passengers over flu | 2 May 2009

Forum Views () Forum Replies ()

Read more with google mobile : SEC freezes China Voice assets, cites Ponzi scheme |

Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read Prince William and Kate Middleton declared married 10:17am EDT Prince William pays tribute to Diana at wedding 11:45am EDT Prince William and Kate Middleton declared married 7:55am EDT Royal newlyweds kiss, cheered by a million fans 11:50am EDT Kate Middleton wows crowd in McQueen designer's dress 9:15am EDT Discussed 141 Obama sees no magic bullet to push down gas prices 95 White House releases longer Obama birth certificate 42 Five women brutally murdered in Mexico beach resort Watched Fire ants form rafts to defy floods Tue, Apr 26 2011 Nokia announces layoffs, outsourcing Wed, Apr 27 2011 Alabama tornado damage Thu, Apr 28 2011 SEC freezes China Voice assets, cites Ponzi scheme Tweet Share this NEW YORK (Reuters) - The Securities and Exchange Commission on Friday said it won a court order freezing the assets of China Voice Holding Corp, and accused a co-founder of the telecommunications company of running an $8.6 million Ponzi scheme. In a... Email Print Related News China's population grows older and more urban Thu, Apr 28 2011 Special Report: From Hannibal Lecter to Bernie Madoff Wed, Apr 20 2011 SEC wrestling with private trading rules Fri, Apr 8 2011 Analysis & Opinion What happened to B shares? China-Pakistan-Afghanistan-building economic ties Related Topics Technology » China » Regulatory News » Stocks NEW YORK | Fri Apr 29, 2011 10:42am EDT NEW YORK (Reuters) - The Securities and Exchange Commission on Friday said it won a court order freezing the assets of China Voice Holding Corp, and accused a co-founder of the telecommunications company of running an $8.6 million Ponzi scheme. In a lawsuit, the SEC said China Voice, former Chief Executive William Burbank, 52, former Chief Financial Officer David Ronald Allen, 60, and others fraudulently overstated the company's financial condition and business activity in China. "Since at least 2006, China Voice, Allen, Burbank and others have made false and misleading public statements about China Voice, to maintain the facade of a prosperous company, while masking the unjust enrichment of the principals," the complaint filed in the U.S. district court in Dallas said. The SEC said the Ponzi scheme involved false promises made to investors by Allen and two accomplices: Alex Dowlatshahi, 36, and Christopher Mills, 34. According to the regulator, the men promised investors annual returns of least 25 percent with "minimal risk" on investments in at least 16 limited partnerships. Instead, the SEC said they used money to repay investors in earlier partnerships, fund China Voice and other companies that Allen controls, and enrich themselves and family members. The SEC also accused shareholders Gerald Patera, 69, and Ilya Drapkin, 34, of helping Allen finance promotions to drive up China Voice's share price, including a "blast fax" campaign, and dumping millions of China Voice shares onto the market. "This fraud illustrates that when extraordinarily high returns are promised in a supposedly low-risk investment, that's a tell-tale sign that something likely is amiss," said Stephen Cohen, an associate director in the SEC enforcement division, in a statement. The SEC and other regulators have in recent years spent more resources cracking down on alleged Ponzi schemes after failing to uncover Bernard Madoff's fraud faster. A China Voice spokesman did not immediately return a call seeking a comment. Calls to Allen's and Burbank's homes were not answered. Patera said "I'm shocked" at the lawsuit. Drapkin was not immediately available for comment. Dowlatshahi and Mills could not be reached. China Voice is based in Boca Raton, Florida. More than 20 defendants are named in the lawsuit. Several have ties to Texas, where the lawsuit was filed. The lawsuit seeks to impose civil fines, bar Allen and Burbank from participating in penny stock offerings or serving as corporate officers and directors, and other remedies. The case is SEC v. Allen et al, U.S. District Court, Northern District of Texas, No. 11-00882. For the SEC: Jane Peterson, Carolyn Welshhans, David Herman, Jennifer Leete, Toby Galloway and Stephen Cohen. (Reporting by Jonathan Stempel) Technology China Regulatory News Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. Social Stream (What's this?) © Copyright 2011 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Super Lawyers Attorney Rating Service Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

Other News on Friday, 29 April 2011
Bahrain sentences four to die over police killing |
Suicide bomber kills 8, wounds 17 in Iraq mosque |
Russia jury convicts two of killing lawyer, reporter |
Train derails in Poland after hitting truck, two dead |
Microsoft Windows sales slip, shares slide |
RIM cuts Q1 earnings and revenue forecast |
Lawmakers: extend privacy codes to app makers |
Analysis: What's so special about Sony's massive data breach? |
Cisco offers early retirement as it revamps |
Russian search engine Yandex seeks $1 billion Nasdaq IPO |
'Two and a Half Men' reboot in works, without Sheen |
Muslim Brotherhood backs Syria protests |
Bahrain sentences four to die over police killing |
Morocco says Marrakesh blast a terrorist attack |
China pushes back after U.S. criticism on rights |
Thai soldier dies as ceasefire with Cambodia breached |
U.S. says Gaddafi troops raping, issued Viagra: envoys |
ZTE to sue Huawei for patent infringement over 4G technology |
Smartphone boom lifts phone market in first quarter |
Samsung launches patent counterattack against Apple |
Renren revised IPO filing shows slower user growth |
Samsung sees tough outlook, Q1 hits 2-yr low on TVs |
Verizon Wireless restores high-speed network |
Sony faces global legal action over data theft |
Wait nearly over as British royal wedding dawns |
Steve Carell leaves Office in low-key farewell |
Casey Abrams proves too quirky for American Idol |
Mad Men actress pregnant, father not revealed |
Tribeca festival jury rewards first time directors |
William to wear army uniform for royal wedding |
Bon Jovi to tour while guitarist in rehab |
Pro-Gaddafi forces clash with Tunisian military |
Yemeni protesters decry Saleh transition deal |
Germany arrests three, says faced imminent danger |
Shi'ite worshippers condemn Bahrain death sentences |
Two killed and scores injured in Ugandan riots |
Pope John Paul body exhumed ahead of beatification |
Palestinians invited to sign unity deal next week |
Storm clouds gather for RIM after profit warning |
SEC freezes China Voice assets, cites Ponzi scheme |
Nokia Siemens closes delayed Motorola deal |
Prince William pays tribute to Diana at wedding |
Superman threatens to renounce U.S. citizenship |
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01