Unregistered Investments

Washington, DC: (Nov-30-07) The US Securities and Exchange Commission (SEC) brought charges against Edward Digges Jr., a former Annapolis attorney who served prison time for mail fraud in the early 1990s, alleging that Digges raised more than $15 million by selling unregistered investments in credit card terminals. The SEC stated that in February 2006, Digges agreed to an order freezing his assets and appointing a receiver to investigate companies with which he was involved. Sources revealed that the receiver, James Silver, and Digges filed a proposed settlement in the case in November 2007. The proposed judgment would hold Digges and two related companies liable for returning $6.3 million in profits from the alleged scheme; however, all but $1.2 million of that amount would be waived because of the defendants' financial condition. Digges and the related companies did not admit or deny the SEC's allegations, but stated that the payout was to avoid the risks and costs of protracted litigation. [WASHINGTON BUSINESS JOURNAL: BUSINESS FRAUD]

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Published on Dec-3-07