Cihaco International Inc

A California investment fund owned by a German citizen defrauded 500 American investors out of $18 million, the Securities and Exchange Commission alleged in a lawsuit. The SEC suit accuses Hartmut Haussecker, who owned Whittier-based Cihaco International Inc., of falsely promising returns as high as 60% from stocks, currencies and other financial instruments.

A California investment fund owned by a German citizen defrauded 500 American investors out of $18 million, the Securities and Exchange Commission alleged in a lawsuit. The SEC suit accuses Hartmut Haussecker, who owned Whittier-based Cihaco International Inc., of falsely promising returns as high as 60% from stocks, currencies and other financial instruments.