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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. 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