SEC v. Ross

SEC Complaint against Scott M. Ross


The SEC complaint alleges that, beginning in 2007, Ross solicited investments in three purported private investment funds. Ross raised $2 million from investors for the Elucido Fund LP, telling investors that Elucido would invest in life settlement contracts. The second fund was to be used to purchase stock in a company called Moondoggie Technologies. Finally, the complaint alleges that Ross raised between $6 million and $7 million for the Maize Fund LP, telling investors that their money would be pooled and invested in a Forex Account in which traders would engage in arbitrage currency trading.

The SEC complaint alleges that, in reality, Ross misappropriated approximately $2 million from Elucido and an undetermined sum in connection with the Moondoggie Technology stock purchases. Among other things, Ross used misappropriated funds to purchase a skybox at the Indianapolis Colts stadium, and pay purported returns to investors.

The SEC's complaint alleges that Ross violated Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.

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Reference Info:Pleadings | Federal, 7th Circuit, Illinois | United States

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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