SEC Orders Man to Stop Ads for High-Yield Offer
From Reuters
Federal regulators on Thursday ordered a Los Angeles man to end advertisements in the Wall Street Journal allegedly promising “excellent returns” to investors who put up $10 million.
The Securities and Exchange Commission said 63-year-old Paul Tetu agreed to a cease-and-desist order that accused him of an apparent prime bank fraud scheme promoting “High Yield Transactions” in the Journal and elsewhere that could generate annual returns of 70% to 100%.
The ads ran for five years but no one ever invested a dime, the SEC said.
Tetu, who doesn’t have a lawyer, did not admit or deny the charges in settling the matter. He declined to comment. The SEC described Tetu as an aspiring screenwriter and producer.
