Business Services Industry
SEC Charges Paramus, N.J., Woman with Fleecing Investors of $2 Million.
Knight Ridder/Tribune Business News, May, 2002
By Kathleen Lynn, The Record, Hackensack, N.J. Knight Ridder/Tribune Business News
May 7--A Paramus woman has been charged with defrauding investors of at least $2 million since October in an e-mail scam.
The federal Securities and Exchange Commission charged Angelica Gwinnett of Paramus with falsely promising returns of 20 percent to 25 percent to investors in her company, U.S. Funding Corp.
Their investments were supposed to be used to purchase accounts receivable -- that is, the payments corporations expect to get from their customers.
But, the SEC alleges, Gwinnett siphoned off $300,000 for her own use, including a weekend in Las Vegas, and gave much of the rest to a telemarketing firm that the SEC says participated in the...
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