SEC & Other Regulatory Agencies

SEC vs. Copeland Wealth Management | Redlands, CA

Appointed as Permanent Receiver by the US District Court of Los Angeles over an alleged Ponzi-like scheme involving a company which operated 1) a $150 million financial advisory business, 2) two private equity and three fixed income investment funds, and 3) 18 real estate limited partnerships. The project involved the sale of the financial advisory business, recovering assets from the private equity and fixed income investment funds, performing a full forensic review of the complete operations of the enterprise, and managing and ultimately selling or otherwise liquidating the real estate investment properties, which are located throughout the United States.

SEC vs. Shidaal Express, Inc. | San Diego, CA

An alleged affinity fraud scheme within the San Diego Somali community. The owner of two check cashing locations solicited investments in $10K increments with the promise of a $500 monthly return on investment. The alleged ponzi scheme netted $3M in investments. Appointed as Receiver, an E3 principal took possession of and eventually closed the two check cashing stores, investigated the diversion of funds, and attempted recovery of the amounts invested.

SEC vs. Western Financial Planning | San Diego, CA

An E3 principal was appointed as Receiver by the US District Court over an alleged investment fraud which raised over $150 million from investors to purchase undeveloped land in Arizona, California, New Mexico and Nevada. The project involves over 3,400 investors in 86 active general partnerships which hold 23 investment properties. The Receiver also had to undertake forensic accounting review to quantify and identify amounts obtained from investors as well as how proceeds were spent by the Defendant. The Receiver has been authorized by the Court to conduct an orderly sale of the investment properties for subsequent distribution of the investors.

SEC vs. Alvin R. Brown, First Choice Investment, Inc., Advanced Corporate Enterprises, Inc. | Redondo Beach, CA

An E3 principal has been appointed as Receiver by the US District Court, Central District of California over entities which allegedly, in violation of federal securities laws, (a) committed fraud in the offer and sale of securities, (b) offered and sold securities without being registered with the Commission, and (c) misappropriated and misused offering proceeds. The project involves performing an accounting of the assets and financial condition of the receivership entities, and investigating, locating, and accounting for receivership assets.

SEC vs. World Capital Market | Pasadena, CA

Named receiver over numerous entities involved in an alleged $68 million Ponzi scheme involving over 350,000 investors worldwide. The Receiver is charged with identifying and recovering assets; which include but are not limited to cash, two operating golf courses, three single-family homes, vacant land, a warehouse, antique furniture and artwork, and various other investments and litigation claims. The Receiver also performed a forensic accounting of the financial affairs of the numerous entities in receivership, which involved analyzing and accounting for more than $200 million of transactions. The Receiver is currently working to complete the multi-million dollar claims process for this project.

Consumer Financial Protection Bureau vs. Pension Funding, Pension Income, et. al.

Named receiver over several entities which are alleged to have offered consumers “pension advances” – lump-sum payments that Pensioners could receive in return for agreeing to direct all or part of their pension payments back to the defendant entities; such lump-sum payments are alleged to have been funded by investors who provided provide the capital for the transactions with Pensioners. The Receiver is charged with servicing operations and collections, and completing a forensic accounting to determine the balance of Pensioner and Investor accounts, and where the money raised by the Receivership Entities came from, how it was transferred between and among them, and to whom it was disbursed.