- 2002
- $9.1 Million
Defendants fraudulently raised at least $64 million from about 1,200 investors in 33 states from 1996 through 1999 by selling promissory notes issued by World Vision Entertainment, Inc. They misrepresented that the notes were unconditionally guaranteed and insured and that all of the proceeds of the offering would be used to develop World Vision’s products. In reality, the notes were not guaranteed and proceeds were used for Ponzi payments and for personal and undisclosed business expenses. The SEC also brought administrative proceedings against defendants Mann and Miller.
