Monday, May 30, 2011

SEC Charges in Auto Loan Provider With Promissory Note Fraud

SEC Charges Subprime Auto Loan Lender and Executives with Fraud; 2011-92; April 13, 2011
The Securities and Exchange Commission today charged Massachusetts-based subprime auto loan provider Inofin Inc. and three company executives with misleading investors about their lending activities and diverting millions of dollars in investor funds for their personal benefit. The SEC also charged two sales agents with illegally offering to sell company securities without being registered with the SEC as broker-dealers.
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