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SECURITIES AND TRADE COMMISSION SEC BRINGS CRISIS ENFORCEMENT ACTION AGAINST SOUTHERN FLORIDA CHECK CASHING COMPANY AND AFFILIATES

SECURITIES AND TRADE COMMISSION SEC BRINGS CRISIS ENFORCEMENT ACTION AGAINST SOUTHERN FLORIDA CHECK CASHING COMPANY AND AFFILIATES

LITIGATION LAUNCH NO. 17422 / March 19, 2002

Securities and Exchange Commission v. ACE Payday Plus, LLC d/b/a ACE Payday Plus II, LLC, ACE Management, LLC, ACE Payday Management, Inc., and James Bianco, Case No. 1-02-20858-Civ. -Ungaro-Benages (S.D. Fla. March 19, 2002)

Today, the Commission filed a crisis enforcement action in the usa District Court for the Southern District of Florida against ACE Payday Plus, LLC, d/b/a ACE Payday Plus II, LLC (« Ace Payday »), a start-up business purportedly providing « check cashing » and « payday advance » solutions; ACE Management, LLC and ACE Payday Management, Inc., two entities individually defined as Ace Payday’s Manager; and James Bianco (« Bianco »), whom managed Ace Payday and its particular affiliates. The Commission alleges that defendants raised at the least $800,000 from at the least 30 investors by fraudulently providing and attempting to sell membership devices in Ace Payday through telemarketers called « independent product sales offices » or « ISOs.  » The Complaint alleges that defendants told investors that 90% associated with providing profits could be utilized to build up Ace Payday’s company when, in reality, 40% to 45per cent went along to the ISOs as product sales commissions. The Complaint additionally alleges that defendants lured investors by guaranteeing investment that is excessive and also by baselessly projecting extremely positive earnings as much as 720percent each year. Lire la suite