Three Moms Alleged To Have “Socked It To” PTA Members

Several news stories appeared this week about three Southern California mothers who allegedly used their involvement in an elementary school PTA to solicit investors in a Ponzi scheme. According to this press release issued by the Los Angeles District Attorney, more than 30 people were defrauded out of $1 million. Move over Mrs. Taylor, widow Jones and Shirley Thompson, I’m sure that Mrs. Johnson would have a few choice words for these three real-life PTA moms.

This story is a good reminder that willful violations of the Corporate Securities Law of 1968 can be prosecuted as felonies.

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Published In: Business Organization Updates, Business Torts Updates, Criminal Law Updates, Finance & Banking Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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