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SEC Launches Investor.gov

October 24, 2009 By Paul (Founder, WorkAtHomeTruth) Leave a Comment

10/22/2009 Press Release:

Agency’s First-Ever Web Site Devoted Exclusively to Investor Education

Washington, D.C., Oct. 22, 2009 — The Securities and Exchange Commission today launched its first-ever Web site devoted exclusively to investor education, providing investors with in-depth information and “top tips” on how to invest wisely, plan for the future, and avoid being scammed.

By visiting www.investor.gov, investors can access information in a user-friendly format that is specifically tailored to their needs. The site includes sections specifically for those just getting started investing, for those saving for a child’s education, and for those planning for retirement. It also has a detailed “Seniors Care Package” section for senior citizens and caretakers.

In a welcome video on the new site, SEC Chairman Mary Schapiro says, “Investing information is available from thousands of online resources — some good, some not so good. Through Investor.gov, we are adding our own online voice to provide investors with unbiased and factual investing information.”

Chairman Schapiro adds, “You’ll find resources that can help you analyze your current holdings or even check the background of a registered financial professional.”

Investor.gov also offers a section exclusively in Spanish, targeting the millions of Spanish-speaking investors in the United States. The “En Español” portion presents information about what to do if an investor feels that he or she has been a fraud victim, as well as a Spanish-language podcast explaining the history and functions of the SEC.

The site will be further enhanced with additional investor education resources in the coming weeks and months.

“Investor.gov will help you if you are invested in the market, are considering investing, or care for a relative who has retirement savings,” said Lori Schock, Director of the SEC’s Office of Investor Education and Advocacy. “Investor.gov provides an extensive collection of investor education materials, tools, calculators, checklists, as well as valuable investor alerts.”

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Investor.gov is the latest in a series of social media initiatives undertaken by the SEC. On the home page at www.sec.gov, visitors can sign up to receive information and instant e-mail alerts on more than 80 topics of interest to investors as well as other market participants. The agency also reaches investors online through other social media channels such as Twitter and YouTube:

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SEC to Hold Small Business Capital Formation Forum on November 19

October 24, 2009 By Paul (Founder, WorkAtHomeTruth) Leave a Comment

10/22/2009 SEC Press Release

Washington, D.C., Oct. 22, 2009 — The Securities and Exchange Commission today announced that it will hold its annual forum on small business capital formation on November 19 at its Washington, D.C., headquarters.

The SEC forum will include both roundtable and breakout group sessions that are expected to focus on the economic recovery and the SEC’s “accredited investor” definition for private and limited offerings. The roundtable participants and full agenda for the forum will be announced at a later date and posted on the SEC Web site.

“Since 1982, this annual event has served as an important way for the SEC and its staff to interact with the small business community and exchange ideas about how best to improve small business capital formation,” said Gerry Laporte, Chief of the SEC’s Office of Small Business Policy.

The all-day forum will begin at 9 a.m. ET, and roundtable sessions will be webcast on the SEC’s Web site. During the breakout group sessions in the afternoon, participants will work together to formulate specific policy recommendations. The breakout group sessions will not be webcast, but those who cannot attend in person can still participate through a telephone conference call. Those wishing to participate in a forum breakout group, whether in person or by telephone conference call, need to register onlineby November 16, 2009.

The SEC is looking for suggestions on specific topics to be discussed at the forum and for recommendations to be considered by the forum breakout groups. Suggestions and recommendations can be e-mailed to the SEC’s Office of Small Business Policy at SmallBusiness@sec.gov. Questions about the forum also may be sent to that e-mail address, or call (202) 551-3460 for more information.

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SEC Charges Florida Operator of Multi-Million Dollar Fraudulent Pyramid Scheme

August 24, 2009 By Paul (Founder, WorkAtHomeTruth) 2 Comments

8/21/2009 SEC Press Release:

Litigation Release No. 21182/ August 21, 2009

Securities and Exchange Commission v. Darrel West and Own My Travel, LLC, Defendants, and Professionally Assisted Marketing, Inc., Relief Defendant, Case No. 6:09-CV-1419 (M.D. Fla.)(August 14, 2009)

SEC Charges Florida Operator of Multi-Million Dollar Fraudulent Pyramid Scheme

The United States Securities and Exchange Commission announced that on August 14, 2009 it filed a civil injunctive action against a Florida resident and a company he controlled alleging that they conducted a multi-million dollar fraudulent pyramid scheme and lured investors with false promises of passive monthly income.

The SEC alleges that Darrel West and Own My Travel, LLC defrauded investors by offering and selling unregistered securities in the form of “Passport” memberships in a travel club that purportedly offered discount travel. The complaint alleges that the defendants raised over $6 million from investors nationwide.

According to the complaint, the defendants misrepresented Own My Travel as a legitimate multi-level marketing company when it was actually a fraudulent pyramid scheme premised on the sale of memberships and thus destined to collapse, leaving investors with substantial losses. The complaint also alleges that West and Own My Travel misled investors about Own My Travel’s business structure and how it generated revenue, the future commissions investors would purportedly receive on a monthly basis, the risks associated with the Own My Travel investment, and West’s failures running a similar predecessor company.

The SEC’s complaint, filed in the United States District Court for the Middle District of Florida, alleges that West and Own My Travel violated Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.

The SEC seeks permanent injunctive relief against the defendants, disgorgement with prejudgment interest, and civil money penalties. The complaint also seeks disgorgement plus pre-judgment interest from the relief defendant, Professionally Assisted Marketing, Inc., a telemarketing company that the complaint alleges recruited new investors on behalf of existing Own My Travel investors.

SEC Complaint in this matter

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