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Another Isle of Man based Open Ended investment Fund bites the dust …
UNITED STATES DISTRICT COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
__________________________________________
:
UNITED STATES SECURITIES : CIVIL ACTION
AND EXCHANGE COMMISSION, : FILE NO.
:
Plaintiff, :
:
v. :
:
STEVEN BREWER, :
ADAM ERICKSON, :
BREWER INVESTMENT GROUP, LLC, :
BREWER FINANCIAL SERVICES, LLC, and :
BREWER INVESTMENT ADVISORS, LLC :
:
Defendants, : :
COMPLAINT
Plaintiff, United States Securities and Exchange Commission, alleges as follows:
SUMMARY
1.
This enforcement action involves fraudulent offerings of unregistered securities. From June 2009 through at least the end of September 2010, Defendants Steven Brewer (“Brewer”), Adam Erickson (“Erickson”), Brewer Investment Group, LLC (“BIG), Brewer Financial Services, LLC (“BFS”), a registered broker-dealer, and Brewer Investment Advisors, LLC (“BIA”), a registered investment adviser, participated in fraudulent, unregistered offerings of promissory notes issued by FPA Limited (“FPA”), an Isle of Man company, in the aggregate amount of $5.6 million to at least 74 investors. Through the fraudulent offerings, BIG and Brewer funneled cash to BIG and one of its subsidiaries when the entities were under significant financial distress. The offering materials that Defendants created and used for the offerings of FPA promissory
Case: 1:10-cv-06932 Document #: 1 Filed: 10/28/10 Page 1 of 27 PageID #:1
notes (“FPA Notes”) failed to disclose that over 90% of the proceeds would be disbursed at Brewer’s direction to BIG and then to its wholly-owned subsidiaries. In addition, The offering materials misrepresented the risk of the investment and failed to disclose the precarious financial condition of BIG and its subsidiaries.
Never, ever bank or invest a single cent on the Isle of Man
For more visit; http://www.sec.gov/litigation/complaints/2010/comp21715.pdf
Sorry PSG, Brewer Investment Group (BIG) is an American company, incorporated in Illinois, USA . None of the investers affected invested a single cent on the Isle of Man. It was all in the good old U S of A.
An Isle of Man company was used
With respect David, I think you will find that is not true.
The victims in this affair participated in a scheme operated in the Isle of Man by a company called the Foundations Pfrogram plc. This company was suspended from trading by the FSC in Dec 2010 for non-compliance with its regulatory obligations and is now, along with its subsidiary FPA, in liquidation:
http://www.gov.im/lib/news/fsc/foundationsprogr1.xml
http://www.gov.im/lib/news/fsc/foundationsprogr2.xml
According to the Liquidators, “The liquidations have considerable complexities, including sensitive matters involving legal issues in several jurisdictions.”
http://foundations.kpmg.co.im/
Your post appears to have come straight from the Isle of Man government propaganda twaddle.
This is an Isle of Man based company that misrepresented an investment fund by, amongst other things deliberately perverting the fund’s risk warning. Plenty more on the web to confirm this and more
The Isle of Man government, and the various “agencies” it sponsors to protect its fraudulent financial services industry, is now so accustomed to publishing lies that it can no longer distinguish fact from fiction — a trait which the entire world is fast becoming aware of.
Ditto its fellow conspirators on Jersey and Guernsey.
@anrigaut
The Isle of Man so-called “government” and its hodgepodge of apologists do not do truth; preferring instead deception, fraud and denial.
Why?
Because they can. It’s a SECRECY jurisdiction.
Number 6: corrects market failure. That’s why LVT should be part of your tax system. The land market is totally dysfunctional – it does not allocate to best use – because there is no cost to holding land out of use. You need the tax system to correct this. Access to land is the most basic requirement for living.