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SEC Sues Athlete Investment Adviser for Gross Fraud
The SEC has sued investment advisers Donald Lukens, James Carter Allison and Global Sports and Entertainment and Community Group Funding. The defendants allegedly swindled over 100 investors, including football, basketball and boxing stars (as well as the disabled, elderly and fellow parishioners) out of more than $12.5 million.
Among other schemes involving stocks, venture capital and real estate projects, the defendants used four schemes involving mortgage-backed securities in California and Nevada. They promised safety and high returns, omitting material risk information.
Source: Associated Press, November 4, 2001
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