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SEC Files Complaint Against Capital Consultants, LLC, Of Portland, Oregon Over Ponzi Scheme
The SEC has alleged that the investment advisor operated "an undisclosed Ponzi scheme" by using client funds to make interest payments on a failed $160 million loan that the firm had made.
The firm, which managed over $1 billion for union pension funds and others, stipulated to a preliminary injunction, an asset freeze and the appointment of a receiver. The SEC also filed charges against the firm's principals, Jeffrey Grayson and his son, Barclay Grayson.
Source: Wall Street Journal, September 22, 2000
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