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SEC Charges Burton Financial Management Associates and Others in Fraud
The SEC has filed a complaint against Illinois based Burton Financial Management Associates, Lawrence Irvin and James Cooper III.
The complaint alleges three violations. First, the sale of unregistered promissory notes and real estate limited partnerships. Second, the commingling of the offering proceeds in the firm's operating account, which then paid purported "loans" to Irvin and his wife, for example. Third, the misappropriation by Cooper of about $2.3 million from 15 investors for his own personal use.
The suit is pending in federal court in Chicago, Illinois.
Source: SEC News Digest, October 3, 2000
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