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

SECURITIES central states indemnity extra cash AND TRADE COMMISSION SEC BRINGS CRISIS ENFORCEMENT ACTION AGAINST SOUTHERN FLORIDA CHECK CASHING BUSINESS 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 when it comes to Southern District of Florida against ACE Payday Plus, LLC, d/b/a ACE Payday Plus II, LLC («Ace Payday»), a company that is start-up 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 own affiliates. The Commission alleges that defendants raised at the least $800,000 from at the very least 30 investors by fraudulently providing and offering account devices in Ace Payday through telemarketers called «independent product product product sales workplaces» or «ISOs. » The Complaint alleges that defendants told investors that 90% regarding the providing profits could be utilized to build up Ace Payday’s company whenever, in fact, 40% to 45per cent decided to go to the ISOs as sales commissions. The Complaint additionally alleges that defendants lured investors by guaranteeing exorbitant investment returns and also by baselessly projecting extremely positive earnings as high as 720percent per 12 months. The court issued an order temporarily restraining defendants from violating the antifraud and registration provisions of the federal securities laws, freezing defendants’ assets, and granting other...