Jonathan Mizula and Gabriel Frankewich

Athens, GA: (Aug-15-07) The US Securities and Exchange Commission brought a lawsuit against Jonathan Mizula, 21, of Athens, and Gabriel Frankewich, 29, of Byron, alleging that the pair ran an illegal investment scheme. The SEC sued Frankewich and Mikula, a recent graduate of the UGA's Terry College of Business, claiming they cheated investors in a massive Ponzi scheme, a get-rich-quick operation in which members were promised large profits on their investments in imaginary services with money that subsequent investors put down. Apart from the pair, the SEC also named their companies New Millennium Entrepreneurs and Phoenixsurf.com in the lawsuit.

In a settlement reached, the two were ordered to pay $200,000 to resolve the allegations. The judge of The US District Court in California ordered Mizula and Gabriel never to violate security and exchange laws in the future and pay back about $200,000 in ill-gotten gains. [ONLINE ATHENS: INVESTOR SCHEME]

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Published on Aug-17-07