The U.S. Securities and Exchange Commission has filed a complaint against James Jeffery of Belleville, Ont., alleging he is part of a scheme to fraudulently raise $30-million (U.S.) from investors. The SEC alleges Mr. Jeffery and Thomas Repke, who lives in Utah, were involved in running several investment funds named Coadum and Mansell, which promised principal protection and large monthly returns. The SEC alleges funds were transferred to offshore investments that have yet to provide any return, while related companies have also borrowed more than $3-million. An additional $5-million has been disbursed to apparently related parties, the SEC said. The civil complaint, filed Thursday in district court in Atlanta, seeks restraining orders and injunctions, an interim asset freeze, disgorgement of funds and civil penalties.
Janet McFarland is the real estate reporter for The Globe and Mail’s Report on Business, with a focus on residential real estate trends. She joined Report on Business in 1995, and has specialized in reporting on corporate governance, executive compensation, pension policy, business law, securities regulation and enforcement of white-collar crime. More