December 14, 1993 |
After a six-month investigation, a federal court-appointed officer agreed with the Securities and Exchange Commission's earlier allegations that the defunct Woodland Hills-based Brokers Investment Corp. engaged in a fraudulent Ponzi scheme and that much of the money it raised never went into various businesses as promised. In a 72-page report filed this month in federal court in Los Angeles, Special Officer Robert A. Baker also detailed widespread misuse of investors' funds by officers of U.S.
June 30, 1993 |
Brokers Investment Corp. was terrific at raising money. What the Securities and Exchange Commission would like to know is what happened to it all. From 1989 to mid-1992, the Woodland Hills company's high-pressure salesmen raised $109 million by reading scripts on cold calls made to thousands of investors from coast to coast, the SEC said. Investors were lured with talk of potential profits of up to 32% a year from deals in telecommunications, fiber optics and automated teller machines.
October 2, 1990
Systems Lease Fund Ltd., a start-up partnership in Woodland Hills that plans to acquire and lease telecommunications systems, hopes to raise up to $12 million with an initial public offering of 1,920 limited partnership units. In registering the securities with the Securities and Exchange Commission, Systems Lease said the units would be priced at $6,250 each and offered through Brokers Investment Corp., a securities firm that is an affiliate of Systems Lease.
May 1, 1993 |
The Securities and Exchange Commission on Friday accused a Los Angeles brokerage firm, Brokers Investment Corp., and nine other defendants of defrauding investors of at least $48 million through "boiler-room" sales. Nearly all the defendants simultaneously signed a consent decree, under which they neither admitted nor denied wrongdoing, agreeing to various injunctions and to repay any "ill-gotten gains," said Sylvia M. Scott, an SEC assistant regional administrator.