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SEC v ERIC E. RESTEINER Click to find out why . . .



Keywords & Phrases
CaseNo: LR-16963, CourtCode: DIS, CourtName: (U.S. DISTRICT COURT FOR THE DISTRICT OF MASSACHUSETTS FILED, Defendant: Eric E. Resteiner, Plaintiff: SEC, State: MA Massachusetts, UniqueCaseRef: SEC>LR-16963, Investors, Securities, Commission, Dyer, Fraudulent, Investor Funds, Trading, Vonstrasdas, Resource, Payments, Massachusetts, Resteiner, Scheme, Bunker Hill Aviation, Monthly Payments, Exchange Commission, Civil, Fraud, Bahamas, Complaint, Harbur, Assets, Bank Accounts, Finance, Instrument, Trading Program, Solicited Investors, Profits, Purchase , ContentID: 120241150

Case Documents
1 2001-04-16 SEC LITIGATION RELEASE
[ see first page and extracted highlights below  ] ItemID: 104243
2 pages
TXT
Total Documents: 1 document , 2 pages
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1 . SEC LITIGATION RELEASE

EXTRACTED KEY WORDS
DEFENDANTS
SECURITIES
COMMISSION
DYER
FRAUDULENT
INVESTOR FUNDS
TRADING
VONSTRASDAS
RESOURCE
PAYMENTS
MASSACHUSETTS
RESTEINER
SCHEME
BUNKER HILL AVIATION
MONTHLY PAYMENTS
EXCHANGE COMMISSION
CIVIL
FRAUD
BAHAMAS
COMPLAINT
HARBUR
ASSETS
BANK ACCOUNTS
FINANCE
INSTRUMENT
TRADING PROGRAM
SOLICITED INVESTORS
PROFITS
PURCHASE
SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 16963 / April 16, 2001

   SEC v. ERIC E. RESTEINER, ET AL., Civil Action No. 01-10637 (PBS) (D.
   Mass.) (U.S. District Court for the District of Massachusetts - Filed
   April 16, 2001)

   SEC FILES EMERGENCY ENFORCEMENT ACTION TO HALT FRAUDULENT TRADING
   SCHEME THAT TARGETED MANY CHRISTIAN SCIENTISTS.

   The Securities and Exchange Commission announced today that it filed
   an emergency civil fraud action against four individuals and two
   Massachusetts-based companies involved in a fraudulent trading scheme
   that raised approximately $22 million from at least 50 investors, many
   of whom were members of the Christian Science Church. The Commission
   has asked the court to enter an immediate temporary restraining order
   against Voldemar A. VonStrasdas of Nassau, the Bahamas, Charles G.
   Dyer of Manchester, Massachusetts, and two Danvers,
   Massachusetts-based companies controlled by Dyer, Resource F, LLC and
   Bunker Hill Aviation, LLC, to prohibit them from engaging in further
   fraudulent activity or continuing to accept or deposit additional
   investor funds. The Commission's complaint also charges two other
   individuals, Eric E. Resteiner, most recently of Nassau, the Bahamas,
   and Miles M. Harbur of Jupiter, Florida, for their participation in
   the fraudulent trading scheme, and seeks to immediately freeze the
   assets of all the Defendants.

   According to the complaint, the Defendants fraudulently offered and
   sold securities in an international bank-related financial instrument
   trading program that was completely fictitious. The Defendants
   promoted their trading program under various names, including Swiss
   Asset Management, Wall Street South, and Resource F. The Commission
   alleged that Resteiner, Harbur, VonStrasdas, and Dyer solicited
   investors using misrepresentations typical of "Prime Bank"-type
   investment frauds, including that the investment involved high-quality
   debt instruments of very large international banks, that the
   investors' principal was never at risk and could be returned after one
   year, and that investors would receive profits of approximately 4-5%
   every month (or 48-60% annually). The Commission further alleged that
   Dyer and Resource F funneled investor funds to bank accounts in the
   Bahamas controlled by one or more of the Defendants, and Bunker Hill
   Aviation received payments for administering the investment scheme. In
   addition, the Commission alleged that Dyer misappropriated at least
   $795,000 of investor funds, and used those funds to, among other
   things, buy a golf course in Georgia, finance the purchase of an
   airplane by one of his creditors, and purchase an interest in a
   restaurant in Boston, Massachusetts.
SNIPPETS:
  • SEC v. ERIC E. RESTEINER, ET AL., Civil Action No. 01-10637 (D.
  • District Court for the District of Massachusetts - Filed April 16,
  • The Securities and Exchange Commission announced today that it filed an emergency civil fraud
  • The Commission has asked the court to enter an immediate temporary restraining order against
  • According to the complaint, the Defendants fraudulently offered and sold securities in an
  • The Defendants promoted their trading program under various names, including Swiss Asset hat investors would receive profits of approximately 4-5% every month.
  • The Commission further alleged that Dyer and Resource F funneled investor funds to bank
  • In addition, the Commission alleged that Dyer misappropriated at least $795,000 of investor
  • During the initial stages of the fraud, investors received monthly payments that the
  • VonStrasdas and Dyer have each solicited investors to contribute money to purported legal
  • The Commission further seeks to freeze assets of each of the Defendants to ensure that they
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