The Securities and Exchange Commission (SEC) has taken legal action against Robert D. Christensen and Anthony M. Matic, both residents of Oregon, along with several companies under their control. The SEC has charged them with engaging in a Ponzi-like scheme and deceiving investors who invested over $10 million in promissory notes.
According to the SEC’s complaint, from January 2018 to September 2022, Christensen and Matic utilized four entities they founded – Foresee Inc., The Commission PDX LLC, The Policy PDX LLC, and Innings 150 LLC – to raise funds from retail investors, including retirees. They claimed that the funds would be invested in real estate. Allegedly, Christensen and Matic offered and sold unregistered promissory notes to investors, promising high interest rates ranging from nine to 15 percent, along with the return of principal within a few months. However, the complaint alleges that they did not possess the means to fulfill the promised returns within the specified timeframes. Instead, they relied on funds from new investors to pay earlier investors. Furthermore, Christensen and Matic reportedly used investor funds for unauthorized and undisclosed purposes, such as personal expenses, vacations, gifts, casino trips, massages, a whiskey club membership, and cryotherapy.
Monique C. Winkler, Director of the SEC’s San Francisco Regional Office, stated, “Christensen and Matic promised high interest payments and quick returns to convince investors to participate in their scheme when, in reality, they did not have the ability to make the promised payments and spent significant amounts of investor funds on personal entertainment and expenses.” Winkler emphasized the SEC’s commitment to protecting investors’ hard-earned money by uncovering and halting fraudulent schemes targeting them.
The SEC’s complaint, filed in the U.S. District Court for the District of Oregon, charges Christensen, Matic, and their four related entities with violating antifraud and securities registration provisions of federal securities laws. Christensen, Matic, and the charged entities have agreed to settle with the SEC, neither admitting nor denying the allegations. The settlement entails the entry of final judgments imposing permanent and conduct-based injunctions, as well as disgorgement and prejudgment interest amounting to $5,374,482. Additionally, Christensen and Matic have agreed to pay penalties of $200,000 each and will be subject to permanent officer and director bars. The settlements are subject to court approval.
(This news/press release has not been altered by investment.net, apart from the headline, and has been obtained from a syndicated source:- https://sonnlaw.com/broker-investigations/sec-charges-two-oregon-residents-and-their-related-entities-with-10-million-ponzi-like-scheme/)