SEC to Shut Down $98-Million Scheme
Associated Press
A federal judge granted the Securities and Exchange Commission an emergency order to shut down a scheme that allegedly bilked investors out of $98million and targeted their retirement money.
The SEC has charged that Resources Development International of Tacoma, Wash., and almost a dozen other people and corporations stole from more than 1,300 people. The commission said they were duped into investing in fake European financial instruments.
U.S. District Judge Jerry Buchmeyer in Dallas ordered RDI’s principals, the father and son team of James and David Edwards, to return the millions of dollars they sent to offshore accounts, according to an SEC statement.
The Edwardses and RDI could not immediately be reached for comment.
