Elliott Enterprises was a collection of various investment companies. Investors could select from various investment schemes offered by Elliott Real Estate, Inc., Elliott Securities, Elliott Mortgage Company, Inc., and Elliott Group, Inc. Elliott Enterprises lost millions each year but continued to retain investors by disbursing occasional returns funded largely from the principal of new investors and luring new investors by misrepresenting themselves as a regulated, insured bank. Elliott and Melhorn, the principals, were eventually convicted of investment advisor fraud, among other charges. On appeal they claimed they were not investment advisors under the Investment Advisor's Act because they were selling investment in their own company, not investment advice, and earned money from the returns in the investments, not from giving the advice about which of their subsidiaries to invest in.
Full case and case summary also available online at:http://www.mlmlegal.com/legal-cases/US_v_Elliott.php
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