SEC accuses fund owner of $730 million fictitious gains
Federal regulators say Financial Advisory Consultants owner James Paul Lewis Jr fabricated extraordinary annual returns of 20 and 40 percent, running a 20 year Ponzi scheme. The SEC seeks a preliminary injunction. no charges filed yet. Lewis, 57, failed to respond or testify, with 3,290 investors affected nationwide. Shortfall ranges from $75 to $100 million.
MENTIONED IN THIS ARTICLE
Financial Advisory Consultants
Securities and Exchange Commission
James Paul Lewis Jr
SEC
Lewis
Federal judge warns against interference in Hollinger case
The SEC sued Hollinger International Inc. and obtained a court order barring any interference with its internal investigation into more than 32 million in suspected unauthorized payments to corporate insiders and others. Judge Robert W. Gettleman issued the order to protect shareholders and ensure ongoing asset recovery efforts proceed unimpeded. The suit cites growing indications that insiders and related entities may be attempting to thwart the special committee's work. No insiders are named in the filing.
MENTIONED IN THIS ARTICLE
Chicago
Securities and Exchange Commission
Hollinger International Inc
Robert W. Gettleman
SEC
Hollinger
Unions attack Bush plan to aid manufacturing sector
EUCLID, Ohio AP Union leaders blasted a Bush administration proposal aimed at boosting manufacturing. Commerce Secretary Evans touted a President's Manufacturing Council and a new manufacturing-focused assistant secretary, while reversing a prior plan to eliminate a manufacturing aid program. AFL-CIO official Trumka called it insufficient, saying it recycles old policies and fails to protect workers or keep jobs at home.
MENTIONED IN THIS ARTICLE
Euclid, Ohio
Commerce
Donald Evans
Commerce Department
Evans
Lincoln Electric Co
Cleveland
Richard Trumka
Afl-Cio
Trumka
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