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 an urgent situation enforcement action in america 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 recognized as Ace Payday’s Manager; and James Bianco (“Bianco”), whom managed Ace Payday and its particular affiliates. The Commission alleges that defendants raised at the least $800,000 from at the very least 30 investors by fraudulently providing and membership that is selling in Ace Payday through telemarketers called “independent product product sales workplaces” or “ISOs. ” The Complaint alleges that defendants told investors that 90% of this providing proceeds could be used to build up Ace Payday’s company whenever, in reality, 40% to 45per cent decided to go to the ISOs as product sales commissions. The Complaint additionally alleges that defendants lured investors by guaranteeing exorbitant investment returns and also by baselessly projecting extremely positive profits as much as 720% each year. On the Commission’s movement, the court issued an purchase temporarily restraining defendants from breaking the antifraud and enrollment conditions associated with the federal securities rules, freezing defendants’ assets, and giving other crisis relief.