Avanti Motor Corp.named as defendant by SEC

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mexmike101@hotmail.com - 06 Sep 2007 08:53 GMT

The SEC named Avanti Motor Corp. as a relief defendant in a massive
fraud case today. The Federal Government alleges that over $7.3
million dollars taken from victims of a massive investment fraud was
funneled to Avanti Motor Corp. The government is seeking to force
Avanti to disgorge any ill gotten gains to repay victims.

Here is the link to the SEC press release:

http://www.sec.gov/news/press/2007/2007-172.htm

If you want to read all the gory details here is a link to the entire
63 page complaint:

http://www.sec.gov/litigation/complaints/2007/comp20267.pdf

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Comatus@bex.net - 06 Sep 2007 14:53 GMT

Tsk, tsk. First Traficant; now this.

SEC Charges Defunct CarMakers in Fraud That Targeted Senior Citizens'
Savings, Spare Time, Marital Harmony and Garage Space
FOR IMMEDIATE RELEASE

Washington - The Securities and Exchange Commission today filed charges
stemming from a fraud that victimized thousands of seniors and other
gullible dupes throughout the United States. The action charges about 1200
defendants and alleges that they participated in a massive fraud that
involved the sale of "Automobiles." The investments were structured as
things you could drive around in, coupled with a blind faith that promised
investors a high, "fixed" (AKA "restored") rate of return if you just kept
the damn things from turning into a pile of rust with a toxic fluid stain
underneath. The fraudulent scheme eventually collapsed, leaving investors
with losses that could have been spent on candlelight dinners, mower space,
and hemmorhoid medications.
The case is part of the Commission's crackdown on fraud against senior
citizens, which includes custom-checkered shotgun stocks, bathtubs with
doors, and Hummel figurines purchased at flea markets.

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