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SEC Alleges Trio Bilked Investors Out of $10 Million in "Prime Bank" Scheme
The SEC has accused two Illinois men and one Indiana man of defrauding hundreds of investors in a "prime bank" scheme. One man already is serving a prison term on unrelated charges.
The Illinois men, Bill Wilson and Richard Collins, and the Indiana man, Jerome Coppage, told investors that they were investing in an overseas bank debentures trading program issued by the "top one hundred world banks". Instead, the men squandered the money on themselves, friends and family.
Source: Chicago Tribune, May 1, 2001
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