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1
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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
DEFENDANTS SECURITIES ASSETS UNITED STATES EXCHANGE COMMISSION MONIES COMPLAINT JUDGE DISTRICT BALANCE ENTERPRISES ACCOUNTING RECEIVER CONTROL COURT BAUMANN ACT JURISDICTION THEREUNDER SALE PROMISSORY NOTES TRUST LIENS PHENOMENAL RATES RANGING DEPENDING LOW RISK PONZI SCHEME WHEREBY PAY PURPORTED HIGH PRIOR INVESTORS |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
LITIGATION RELEASE NO. 15761 / May 29, 1998
SECURITIES AND EXCHANGE COMMISSION v. ACCELERATED FUNDING MORTGAGE
CORP.,
LAUREN D. BAUMANN, BALI FINANCIAL, INC., and ODYSSEY FINANCIAL GROUP,
INC.,
3:98-CV-1190-D, USDC, ND/TX (Dallas Division)
On May 27, 1998, Judge Sidney A. Fitzwater, United States
District
Judge for the Northern District of Texas, issued orders of
preliminary
injunction halting the fraudulent money raising efforts of Lauren D.
Baumann and three companies with which she is associated. The
orders,
which were agreed to by defendants, also continue an asset freeze
granted
by a temporary restraining order issued May 19, 1998 against the
defendants, and relief defendants Balance Enterprises, L.L.C. and
Balance
Enterprises, J.V. The orders further require the defendants to provide
an
accounting of all monies and other assets received from investors or
from
the other defendants, and orders them to return to identified accounts
in
the United States of America all monies and liquid assets in their
names,
or under their control, outside the Court s jurisdiction. Previously,
on
May 19, 1998, the Court appointed a receiver to take control of the
defendants assets for the benefit of investors.
In its complaint, the Commission alleged that the defendants
violated
Section 17(a) of the Securities Act of 1933 and Section 10(b) of the
Securities Exchange Act of 1934, and Rule 10b-5 thereunder, in the
offer
and sale of promissory notes and investment contracts ostensibly
secured by
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