- 2003
- $42.3 Million
Enforcement action charging the fraudulent sale of over $10 million of interests in a fictitious prime bank trading program. Investors were solicited and sold memberships in The Gateway Association, upon the promise of various benefits, including the opportunity to invest further in an international bank debenture trading program that supposedly offered returns in excess of 1000%. However, according to the SEC’s complaint, the purported securities did not actually exist, and almost no investors received a refund of their original investment.
