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SEC Charges TLC America And Others With Fraudulent Investment Scheme
Using the Internet and targeting the elderly with Christian beliefs, TLC America and others allegedly operated a Ponzi scheme in which they took over $156 million from 2,600 investors nationwide, who thought they were purchasing real estate.
In addition to TLC America, based in Brea, California, president Ernest Cossey and investment advisor Thomas Cloud are named.
Of the $156 million raised, only $62 million went into the real estate investments contemplated. The rest paid investors off in classic Ponzi scheme style, went into a "prime bank scheme", went to offshore bank accounts, and went to thoroughbred-horse auction farms.
The SEC has obtained a TRO and an asset freeze. The defendants either have denied the charges or have not commented.
Source: Wall Street Journal, October 6, 2000
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