- 2007
- $1.29 million
Defendants Amella and Hayden, through three companies they controlled, allegedly made misrepresentations in the offer and sale of preferred stock, including promises of returns of 10% to 15% per month, security of the investment, non-existent associations with reputable entities, and that funds would be invested in real estate or currency trading. However, the SEC charged that some funds were instead used for apparent Ponzi payments. Defendants raised approximately $1.3 million, and at least $1,228,828.68 frozen funds were returned to investors .
