Article

Prime Bank Instrument Scams.

Type of Lawsuit:

Action by SEC against alleged scamsters for violation of anti-fraud provisions of US securities laws, for disgorgement of illicit profits, and permanent injunction against future violations.

Parties:

Plaintiff- SEC

Defendant/Alleged Scamsters- The Infinity Group Co.; Geoffrey P. Benson; Geoffrey J. O'Connor

Relief Defendants- Futures Holding Co.; SLB Charitiable Trust; Susan L. Benson; JGS Trust; Lindsey Springer; Bondage Breaker Ministries

False Instruments:

Prime Bank Instrument Fraud with promised returns ranging from 138% to 181% involving use of the internet which had raised in excess of US$ 9.5 million.

Decision:

The U.S. District Court for the Eastern District of Pennsylvania, Dalzell, J., granted the SEC's Motion for an order preliminarily enjoining defendants from further violations of the securities acts, appointing a trustee, freezing assets, ordering repatriation of funds, and other relief related to discovery.

Notes:

The court ruled that the SEC had proven a prima facie case indicating that it would prevail at trial.

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The views expressed in this Case Summary are those of the Institute of International Banking Law and Practice and not necessarily those of ICC or the other partners in DC-PRO.