SEC Charges So. TX Businessmen with Ponzi Fraud Targeting Elderly
Two South Texas businesses and their executives operated a pair of Ponzi schemes to raise $3.6 million from dozens of elderly investors as old as 101 and used a good portion of the money for personal reasons, including country club memberships, spa treatments, maid service and tithing to a church, according to federal charges brought by the U.S. Securities and Exchange Commission.