- 2001
- $1.43 Million
Defendants included a promissory note issuer (unregistered) and its former President and CFO. They allegedly raised over $3 million from 72 investors in five states from 1995 through 1999 by selling notes for the stated purpose of raising funds to finance a Native American tribe’s request to the Department of the Interior for return of land in the Chicago area for the possible development of a casino. However, defendants Sheets and West allegedly “borrowed” over 40 percent of the proceeds to cover personal expenses. Investors also were falsely led to believe that the notes would provide a return of 20 times principal (2000 percent interest).
