SEC Reports Investment Scam Took in More than $1M
The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against a Detroit woman for her alleged involvement in an investment scam that took in over $1 million. The lawsuit was filed on Wednesday, August 4, 2010, in federal court.
According to the SEC, the lawsuit is intended to shut down C.J.’s Financial, which is run by Candice Campbell, of Canton Township. The suit alleges that the investment scheme operated by Ms. Campbell generated more than $1 million in only 13 months.
The SEC claims that Ms. Campbell offered unsuspecting investors a 10 percent monthly return on their investment. However, the suit alleges that Ms. Campbell actually used the money for vacations, jewelry, cars, laser surgery and other luxuries.
Regulators state that the woman used some of the money to return to investors to pacify them. The SEC has described the scam as a typical Ponzi scheme.
According to reports, the Detroit woman has not yet commented on the lawsuit filed against her.